Examlex
If a guitar string has a fundamental frequency of 500 Hz,which one of the following frequencies can set the string into resonant vibration?
Price Floor
A government or group-imposed price control or limit on how low a price can be charged for a product.
Equilibrium
A situation in a market where the quantity demanded equals the quantity supplied, leading to a stable price.
Surplus
The excess of a good or service that occurs when the quantity supplied exceeds the quantity demanded; surpluses occur when the price is above the equilibrium price.
Price Elasticity of Demand
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicative of the product's sensitivity to price changes.
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