Examlex
you look up a phone number and say it over to yourself once so that you can dial the whole number without having to check it again, what part of the memory sequence are you using?
Price Floor
A government- or group-imposed limit on how low a price can be charged for a product, intended to prevent prices from dropping too low.
Shortage/Surplus
A market condition: shortage occurs when demand exceeds supply, and surplus happens when supply exceeds demand.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or resource.
Market Equilibrium
Market equilibrium is a condition where the quantity of a product supplied is equal to the quantity demanded, leading to a stable market price for the product.
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