Examlex
What is the definition of a disruptive technology? Give three examples.
Price Floor
A government or regulatory minimum price that must be paid for a good or service, intended to prevent prices from falling too low.
Shortage
A market condition where demand exceeds supply.
Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded, often resulting in excess stock and potential price reductions.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product or service, intending to protect consumers from excessive prices.
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