Examlex
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Income Effect
How an alteration in income for either a person or an economic system influences the demand levels for a certain good or service.
Price Ceiling
A legally imposed maximum price on goods or services, beyond which they cannot be sold.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price.
Surplus
A situation where the quantity supplied exceeds the quantity demanded, or when revenues exceed expenses.
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