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Price Floor
A legally imposed minimum price that can be charged for a good or service.
Quantity Supplied
The amount of a good or service that producers are willing and able to sell at a given price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a specific price level at a given moment.
Free Market
An economic system where prices are determined by unrestricted competition between privately owned businesses.
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