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Describe your own lifetime experiences with migration and relate them to the decision-making model shown in Figure 6.3.
Rent Control
A government policy or law that sets a maximum price landlords can charge for rent.
Opportunity Costs
The cost of the next best alternative foregone when making a decision.
Wasted Time
Time that is not used effectively or productively.
Price Floor
A government-imposed minimum price for goods or services, aimed at preventing market prices from falling below a certain level to protect producers.
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