Examlex
David McClelland said that needs are based on personality and are developed as we interact with the environment.
Maximum Price
A price ceiling set by a governing body, above which a particular good or service cannot be sold to prevent prices from becoming prohibitively high.
Actual Price
The price at which a good or service is sold in the market, as opposed to its listed or theoretical price.
Producer Surplus
The difference in the expected remuneration by producers for offering a good or service and the actual revenue they secure.
Purely Competitive
A market structure characterized by many buyers and sellers, where each seller is a price taker and homogeneous products are offered.
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