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To be binding, a price ceiling must be set above the equilibrium price.
Quota Rent
The earnings that accrue to the licensee from the difference between the domestic price and the world price of an imported good when imports are limited by a quota.
Government Imposes
Actions taken by a government to enforce regulations, taxes, or penalties on citizens and businesses.
Shrimp Market
The market or industry segment concerning the buying, selling, and trading of shrimp as a commodity or food product.
Quota Limit
A government-imposed trade restriction that sets a physical limit on the quantity of a good that can be imported or exported during a specific time frame.
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