Examlex
The short-run industry supply curve is more elastic than the long-run industry supply curve.
Equilibrium Price
The price at which the quantity of a product offered is equal to the quantity of the product in demand.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price can be charged for a product, service, or commodity, often intended to protect consumers from high prices.
Price Ceiling
A government-imposed limit on how high a price is charged for a product, above which it cannot legally rise.
Laissez Faire Policy
An economic doctrine stressing minimal government intervention in the marketplace, advocating for free markets to regulate themselves.
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