Examlex
A binding price ceiling causes quantity demanded to be less than quantity supplied.
Ceteris Paribus Assumption
A Latin phrase meaning "all other things being equal", used in economics to isolate the effect of one variable change by holding other relevant factors constant.
Other-Things-Constant Assumption
An assumption in economics that all other variables remain unchanged or constant except those under immediate consideration.
Rational
A decision-making process that is based on making choices that result in the optimal level of benefit or utility for an individual.
Expected Additional Benefit
The anticipated extra advantage or income gained from making a particular business decision or investment.
Q3: Alex is willing to pay $10, and
Q69: Pat bought a new car for $15,500
Q72: Refer to Table 7-5. If the market
Q78: Not all sellers benefit from a binding
Q179: Price ceilings and price floors that are
Q278: Refer to Figure 7-11. If the supply
Q406: A tax on buyers decreases demand.
Q443: If the demand curve is more price
Q479: Suppose a market has the demand function
Q532: A price ceiling set above the equilibrium