Examlex
Why did states that initially opposed the proposed Constitution of 1787 ultimately ratify it?
Rationing Mechanism
A system or method used to distribute scarce goods or services among competing users.
Price Floor
A government- or authority-imposed minimum price that can be charged for goods and services, typically above the equilibrium price, to prevent prices from falling too low.
Surplus
A situation where the quantity supplied of a product exceeds the quantity demanded at a specific price.
Equilibrium Price
The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers, resulting in a stable market condition where there is no tendency for change.
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