Examlex
In the term "real GDP," what does "GDP" stand for and what does it measure? What does "real" indicate?
Price Ceiling
A government-imposed limit on how high the price of a product can be charged in the market to protect consumers from high prices.
Consumer Surplus
The gap between the amount consumers are prepared to spend on a product or service and the amount they end up paying.
Excess Demand
A situation in which the quantity demanded of a good exceeds the quantity supplied at the existing price, often leading to a rise in price.
Supply Functions
Mathematical expressions that relate the quantity of a good that producers are willing to sell to the price of the good and other factors.
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