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A robber holds up a store with a gun. The store owner shoots the robber in the leg. The robber sues in tort for the injuries intentionally inflicted on him. The owner has a defense that protects him from liability.
Price Floor
A government-imposed limit below which prices cannot fall, typically used to ensure that producers can cover their costs.
Market Price
The current price at which an asset or service can be bought or sold in a particular market.
Price Ceiling
A government-imposed limit on how high a price can be charged for a product, service, or commodity, aimed at protecting consumers.
Moral Argument
A moral argument is a rationale based on ethical principles, aiming to determine right from wrong or justify moral judgments and behaviors.
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