Examlex
Exigent circumstances exist when there is some sort of emergency.
Elasticity
A measure of how much the quantity demanded or supplied of a good responds to a change in price.
Price Ceiling
A legally imposed maximum price on goods or services, intended to keep prices affordable for consumers.
Shortage/Surplus
A surplus is the opposite of a shortage, occurring when the supply of a product or service exceeds its demand in a market.
Price Floor
A government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below a certain level.
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