Examlex
Describe the process of creating a class interval.
Binding
In economic terms, refers to a price floor or ceiling that is enforced and has an effect on the market, preventing it from reaching equilibrium.
Price Ceiling
A legally established maximum price for a good or service, aimed at preventing prices from rising too high.
Crude Oil
A natural petroleum product that's extracted from the earth, unrefined, and used as a primary feedstock for fuel and various chemical productions.
OPEC
The Organization of the Petroleum Exporting Countries, an intergovernmental organization aimed at coordinating and unifying petroleum policies among its member countries.
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