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Describe how data is represented when an analog medium is used.
Binding Price Floors
Government-imposed price minimums that are set above the equilibrium price, causing surpluses in the market.
Binding Price Ceilings
Government-imposed price limits that are set below the market equilibrium price, leading to shortages.
Market Efficiency
A condition in which market prices fully reflect all available information and assets are priced accordingly.
Price Ceiling
A government-imposed limit on how high a price can be charged on a product or service, typically set below the equilibrium price to make goods more affordable.
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