Examlex
Which one of the following is fixed for the life of a given bond?
Price Ceiling
A legal maximum price that can be charged for a good or service, typically set by government to prevent prices from becoming too high.
Price Floor
A government or regulatory-imposed minimum price set above the equilibrium market price, aimed at ensuring that the market price of a good or service cannot fall below a certain level.
Shortage
A market condition where the demand for a product exceeds the supply at a given price, often leading to higher prices.
Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded at the current price.
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