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Demand Determined
Refers to situations where the quantity of a good or service produced is directly influenced by consumer demand.
Government-imposed Maximum Price
A legally set ceiling on the price at which a good or service can be sold, typically to protect consumers from excessively high prices.
Economic Impact
The effect of an event, policy, or market condition on the economy, which can be observed in changes to GDP, employment, or investment.
Price Floor
A government-imposed limit on how low a price can be charged for a product, typically above the equilibrium price to help producers.
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