Examlex
Why are high-strength plastics and composite materials replacing steel?
Price Floor
A price floor set by a government or an organization, establishing the minimum price that can be charged for a good, service, or resource.
Price Ceiling
A cap set by authorities on the maximum price that can be asked for a good or service.
Shortage
Occurs when the demand for a product or service exceeds its supply in a given market, often leading to increased prices.
Industrial Nations
Industrial nations are countries that have highly developed industries and infrastructure, typically with advanced technological capabilities and high standards of living.
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