Examlex
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Price Floor
A government or group-imposed price control or limit on how low a price can be charged for a product. It is aimed at preventing prices from being too low.
Shortage
refers to a situation where the demand for a product or service exceeds the supply available at a specific price.
Surplus
The condition where quantity supplied exceeds quantity demanded, often leading to a decrease in prices.
Price Ceiling
A legally established maximum price that can be charged for a product or service, often set by government to prevent prices from reaching too high levels.
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