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What was the rural responsibility system, and why was it significant?
Price Ceiling
A government-imposed limit on the maximum price that can be charged for a product or service.
Government-Imposed
pertains to regulations, restrictions, or conditions set by public authorities that affect individuals, businesses, or activities within a jurisdiction.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a given price in a given period.
Price Floor
A minimum legal price below which a product cannot be sold; to have an impact, a price floor must be set above the equilibrium price.
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