Examlex
When a new partner is admitted, all parties usually must agree to the admission.
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.
Market Equilibrium
A point in a market where the quantity of goods supplied is equal to the quantity of goods demanded.
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