Examlex
Which of these is not characteristic of industrialized society?
Price Ceiling
A legally imposed maximum price on a good or service, intended to prevent prices from rising above a certain level, often leading to shortages.
Equilibrium Level
The state in which market supply and demand balance each other, resulting in stable prices and quantities.
Market Mechanism
The process through which supply and demand interact to determine the prices and allocation of goods and services in a market economy.
Shortage
A situation where the demand for a product or service exceeds the supply available at a specific price.
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