Examlex
What does it mean when a "free lunch" is available? Relate your answer to the production possibilities frontier.
Equilibrium Price
The market price at which the quantity of a good demanded equals the quantity supplied, leading to market stability.
Surplus
An excess of supply over demand in a market, typically resulting in lower prices.
Price Ceiling
A legally established maximum price that can be charged for a good or service.
Shortage
A scenario where the market's supply of a specific product or service is outstripped by consumer demand.
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