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Figure 4-3
-If, for the market depicted in Figure 4-3, the government sets a price ceiling of $25, then the market can't adjust and there is excess supply.
Genuinely Agreed
Describes a situation where parties involved in an agreement or contract have a mutual understanding and acceptance of the terms without duress or deception.
Unilateral Mistake
A mistake that occurs when one party to a contract is mistaken as to a material fact.
Relief
Aid or assistance offered to alleviate hardship or distress in various contexts, such as financial relief or emergency relief efforts.
Unilateral Mistake
A misunderstanding or error made by one party in a contract, which does not necessarily void the contract unless it significantly affects the terms.
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