Examlex
Li, age 11, is a recent Chinese immigrant. Li's new teachers have noticed that he rarely talks, does not make eye contact, and seems very shy. When they speak to Li's parents, they are surprised, as these characteristics are valued in Li's culture. The perception of Li's behavior reflects the concept of a(n) "_____."
Shortage
A situation in which the demand for a product or service exceeds the available supply.
Equilibrium Price
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.
Equilibrium Quantity
The amount of products or services available and sought after at the equilibrium price, a point where the supply and demand in the market equalize.
Price Ceilings
Government-imposed limits on how high a price can be charged for a product or service.
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