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The Values,norms,beliefs,laws,and Customs That Unite the Citizens of a Country

question 53

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The values,norms,beliefs,laws,and customs that unite the citizens of a country are known as:


Definitions:

Equilibrium Price

The price point in the market at which the supply of goods matches the demand for those goods.

Price Floor

A government-set minimum price for goods or services, above the market equilibrium price, aimed at preventing prices from falling too low.

Price Controls

Government-imposed limits on prices charged for goods and services to manage economy.

Deadweight Loss

A reduction in economic effectiveness that happens when a good or service does not reach or cannot reach its equilibrium.

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