Examlex
Explain the principle of legality.
Shortage
A circumstance in which the market desire for a service or product is greater than the supply.
Surplus
The situation in which the quantity supplied of a product exceeds the quantity demanded, often leading to price decreases.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, intended to protect consumers.
Price Floor
A minimum price set by the government for certain goods and services, intended to ensure fair conditions for producers.
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