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Social Security is what kind of program?
Inelastic
A characteristic of goods or services for which demand or supply does not significantly change in response to price changes.
Long Run
A period of time in which all factors of production and costs are variable, allowing for adjustment to changing market conditions.
Short Run
A time period in which at least one input is fixed, limiting the adjustments that a firm can make to its production.
Binding Price Ceiling
A binding price ceiling is a government-imposed limit on the price charged for a product that is set below the market equilibrium price, leading to shortages.
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