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Ken, a real estate agent, assures Lily that a certain parcel of commercial property fronts on the most highly trafficked street in Metro City. Lily buys the property and then discovers that the street has no more traffic than any other in its vicinity. Lily is most likely a victim of
Equilibrium Price
The price in the market where the amount of goods being offered meets the amount of goods consumers want.
Unregulated Market
A market operating without governmental rules or oversight wherein the forces of supply and demand are unimpeded by outside control.
Price Controls
Regulatory measures by which a government seeks to control the price of goods and services, either by setting maximum prices (price ceilings) or minimum prices (price floors).
Natural Gas
A fossil fuel composed primarily of methane, used as a source of energy for heating, cooking, and electricity generation.
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