Examlex
Which of the following is a factor hypothesized to be present in intelligence tests that provides an advantage for test takers from certain cultural backgrounds?
Free-market Equilibrium
A state in a free market where supply equates demand without any government intervention, allowing prices to be set naturally.
Consumer Surplus
The difference between the total amount consumers are willing to pay and the total amount they actually pay for a good or service.
Price Floor
A government-imposed minimum price charged on goods and services, typically above equilibrium price to prevent market prices from dropping too low.
Consumer Surplus
The difference in the amount consumers would ideally pay for a service or good versus what they really spend.
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