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Ariel is the assistant editor at the local newspaper, the Morning Mail. With recent increased readership, the editorial committee had decided to move up the deadline for article submissions to eight hours. This move was not welcomed by the junior writers and editors. Ariel, though unhappy with the decision, faced the problem head on and chose to cope by working faster and harder. This is an example of:
Demand Curve
An illustrative depiction that demonstrates the connection between a product's price and the amount consumers are willing to purchase at various price levels.
Elastic
Describes a situation in which the demand or supply for a good or service significantly changes in response to changes in price.
Consumer Surplus
The discrepancy between the total sum consumers are prepared and capable of spending on a product or service and the actual total sum they end up paying.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or resource, usually set below the market equilibrium price to make goods more affordable.
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