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Which form of control is the LEAST reversible and MOST drastic?
Market Price
Market price is the current price at which a good or service can be bought or sold in a marketplace, determined by supply and demand dynamics.
Output
The total amount of goods or services produced by a company or industry, often measured over a specific period.
Minimum Price
A price floor set by the government, below which a product cannot be sold legally, aiming to ensure fair prices for producers.
Short Run
The short run is a time period in economics during which at least one input is fixed, limiting the ability of the economy or firm to adjust its output levels.
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