The answer depends on a crucial information that it is not provided, the purchasing power of those potential customers, but it still it is possible to reason how the demand and supply of membership would work.
- Surplus of memberships would take place when in the gym market there is a shortage of demand. This situation occurs when there are less customers willing to purchase the product at 45$ than the number of memberships that are available. To claim if this is the case in the example we would need to know the structure of the demand function in this market.
- Shortage of memberships takes place when in the gym market there is a excess of demand. The price is afforded by a number of customers which exceeds the amount of memberships available. Therefore, some rationing mechanism would be necessary to fix who will get the membership and who will not. Again, it would be necessary to know who the demand function works.
Answer:
A vassal or liege subject is a person regarded as having a mutual obligation to a lord or monarch, in the context of the feudal system in medieval Europe. The obligations often included military support by knights in exchange for certain privileges, usually including land held as a tenant or fief.
According to political scientist Brian R. Dirck, the most famous executive order was by President Abraham Lincoln, when he issued the Emancipation Proclamation on January 1, 1863: The Emancipation Proclamation was an executive order, itself a rather unusual thing in those days.
