Examlex
Which of the following is one of the three basic types of subsidies?
Surplus
An excess of income or assets over expenditure or liabilities in a given period, indicating financial health.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, typically used to control costs for essential items like food and rent.
Equilibrium Price
The market price at which the quantity of goods supplied is equal to the quantity of goods demanded, representing a state of market balance.
Shortage
A situation where demand exceeds supply, resulting in insufficient availability of a product or service.
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