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On the third Wednesday of every month,a bar and grill has a "backgammon night." The bar provides backgammon boards and pieces,and a fairly regular group of players come in,share a few drinks,and play backgammon together.What is this an example of?
Price Ceiling
A legally imposed maximum price on goods or services, preventing prices from rising above a certain level.
Shortage/Surplus
A situation where the quantity of a good demanded exceeds the quantity supplied (shortage) or the quantity supplied exceeds the quantity demanded (surplus).
Price Ceiling
A cap set by the government on the maximum price that can be asked for a good, service, or commodity.
Shortage/Surplus
An economic condition where the quantity demanded is greater than (shortage) or less than (surplus) the quantity supplied at the market price.
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