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Suppose there is an inflationary gap,and the Bank of Canada does not respond in any way to change its monetary policy.This scenario will lead to
Price Floor
A price floor is a government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below it.
Shortage
A situation where demand for a product or service exceeds its supply in a market.
Surplus
The amount by which the quantity supplied of a good exceeds the quantity demanded at a specific price.
Price Ceiling
A legal maximum price set below the equilibrium price, preventing sellers from charging more than this amount.
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