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How did the European aristocracy respond to the adversity of the great plague?
Binding Price Floor
A price floor set above the equilibrium market price, causing a surplus by preventing the market price from falling to its equilibrium level.
Sellers
Individuals or entities that offer goods or services for sale to potential buyers.
Price Ceiling
A government-imposed maximum price that can be charged for a good or service, intentionally set below the market equilibrium to protect consumers.
Shortage
A situation in which the demand for a good or service exceeds its supply in a market.
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