Examlex
Inventories help manufacturers cope with unexpected changes in the supply of their resources or in the demand for their products.
Elasticity
A measure in economics to show how the quantity demanded or supplied of a good or service responds to a change in price.
Price Ceiling
A legally imposed maximum price on a good or service, intended to keep prices low for buyers.
Shortage/Surplus
A market condition where the quantity demanded is greater than the quantity supplied (shortage) or the quantity supplied is greater than the quantity demanded (surplus).
Price Floor
A government or group-imposed limit that prevents prices of goods or services from falling below a certain level.
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