Examlex
What is the implicit association test (IAT)?
Price Floor
A government- or authority-imposed minimum price on goods or services, below which they cannot be sold, usually set to prevent market prices from falling too low.
Shortage
A scenario where the market demand for a service or product surpasses its available supply.
Surplus
An amount of something left over when requirements have been met; an excess of production or supply.
Price Ceiling
A maximum legal price that can be charged for a good or service, aimed at preventing prices from becoming too high.
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