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Michael observes that on Wednesday afternoons,a noticeably large number of students wear t-shirts promoting the school's marching band.He then assumes that perhaps that is the day the band has practice.Michael used:
Market Price
The existing rate at which an asset or service is available for buying or selling in a competitive environment.
Not Binding
A term used to describe agreements, conditions, or regulations that do not impose restrictions on the actions of the involved parties.
Market Effect
The impact of supply, demand, and external factors on the prices and availability of goods and services in a market.
Minimum-Wage Laws
A legal framework that specifies the minimum hourly earnings employers are obliged to pay their staff.
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