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How can a manager's time horizon affect his/her decision making?
Binding Price Ceiling
A government-imposed limit on how high a price can be charged for a product that is set below the market equilibrium price, causing shortages.
Surplus
A situation in which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in price.
Ration
The controlled distribution of scarce resources, goods, or services.
Equilibrium Price
Equilibrium price is the market price at which the quantity of goods supplied is equal to the quantity of goods demanded.
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