Examlex
Instructions: Identify the terms and briefly state their historical significance.
the tea ceremony
Price Floor
A government-set minimum price for goods or services, above the market equilibrium price, aimed at preventing prices from falling too low.
Price Controls
Government-imposed limits on prices charged for goods and services to manage economy.
Deadweight Loss
A reduction in economic effectiveness that happens when a good or service does not reach or cannot reach its equilibrium.
Quotas
Limits set by government on the quantity of goods that can be imported or produced, intended to protect domestic industries.
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