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Price Ceiling
A government-imposed maximum price that can be charged for a good or service, intentionally set below the market equilibrium to protect consumers.
Shortage
A situation in which the demand for a good or service exceeds its supply in a market.
Price Floor
A minimum price set by the government or a regulatory body, below which a particular good or service cannot legally be sold.
Surplus
An excess quantity, especially referring to the situation where supply exceeds demand in a market, often leading to a decrease in prices.
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