Examlex
The process by which rods and cones become more sensitive to light in response to lowered levels of illumination is called:
Price Floor
A government or regulatory-imposed minimum price set above the equilibrium price, preventing market prices from falling below it.
Producer Surplus
The difference between what producers are willing to accept for a good versus what they actually receive, measured as the area above the supply curve and below the market price.
Government Spend
Public expenditure by government entities on goods, services, and infrastructure for a country's economy and citizens' welfare.
Import Quota
Limit on the quantity of a good that can be imported.
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