Examlex
When people support change, they typically assume that it is others who need to change.
Equilibrium Price
The equilibrium price is the price at which the quantity of a good or service demanded equals the quantity supplied, leading to market balance.
Consumer Surplus
The contrast between the full amount consumers are willing to disburse for a product or service and the actual disbursement.
Price Floor
A government-imposed minimum price that can be charged for a good or service, intended to prevent prices from dropping too low.
Consumer Surplus
The differentiation between what consumers are prepared to expend on a good or service and the sums they actually do.
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