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What is meant by "privity?"
Decrease In Demand
A downward shift in the demand curve for a product, indicating that consumers now desire less of the product at each price level.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level, at a given point in time, often depicted as a point on a demand curve.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource, usually to protect consumers.
Price Floor
A government or regulatory minimum price that must be paid for a good or service, intended to prevent prices from falling too low.
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