Examlex
In which of the following ways can the management teams of many corporations influence the board of directors?
Binding Price Floor
A binding price floor is a government-imposed limit on how low a price can be charged for a product or service, set above the equilibrium price, leading to potential surpluses.
Surplus
The excess of supply over demand in a market, resulting in lower prices.
Shortage
A situation in which demand for a product exceeds its supply in a market.
Price Floor
A government- or authority-imposed minimum price that can be charged for a particular good or service, intended to prevent prices from falling below a certain level.
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