Examlex
The sum of cumulative relative frequencies always equals 1.
Price Ceiling
A legally established maximum price that can be charged for a good or service, typically set by government.
Shortage
A situation where the demand for a product or service exceeds the available supply at a particular price.
Equilibrium Price
The market price at which the quantity demanded of a good equals the quantity supplied.
Quantity Demanded
The complete quantity of a product or service that buyers are ready and able to buy at a certain price during a defined time frame.
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