Examlex
Explain "Irrational Escalation of Commitment."
Price Ceiling
A government-imposed limit on the price charged for a product, aiming to prevent prices from rising above a certain level.
Equilibrium Price
The price point at which the amount of products offered matches the amount of products consumers want to buy.
Quantity Supplied
The level of a commodity or service that sellers are eager and qualified to sell at a set price over a designated period.
Market Equilibrium
The state in which market supply equals market demand, resulting in stable prices where producers and consumers agree.
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