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What is stare decisis ? Discuss its role in the American legal system.
Deadweight Loss
The loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved.
Market Intervention
Actions taken by a government or other authority to affect the market, often to correct market failures or achieve certain policy objectives.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, intended to protect consumers from high prices.
Price Floor
A government- or authority-imposed minimum price that can be charged for a good or service, often above the equilibrium price.
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