Examlex
What are they key features of the PATRIOT Act and what are some of the major criticisms of the act?
Equilibrium Price
Equilibrium price is the price point at which the quantity of goods supplied equals the quantity of goods demanded in the market.
Price Ceiling
A legal maximum price that can be charged for a good or service, typically set by the government to ensure affordability.
Price Floor
A government or regulatory-imposed minimum price for a good or service, intended to prevent prices from falling below a certain level.
Shortage
An instance where the need for a good or service surpasses its availability in the marketplace.
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