Examlex
Adjustments or reductions to demands are called:
Price Floor
A government or group-imposed price control that sets the minimum allowable price a seller can charge for a product or service.
Binding Price Ceilings
A legally imposed maximum price on goods or services that is below the equilibrium price, causing shortages and rationing.
Illegal Activity
Illegal activity encompasses actions that violate laws, including crimes such as theft, fraud, and assault, forbidden by societal legal frameworks.
Wasted Resources
A form of inefficiency in which people expend money, effort, and time to cope with the shortages caused by a price ceiling.
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