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Discuss the key transformations in labor history during the New Deal era.
Monopolist
A single seller in a market who controls the supply of a product or service, and thus, has significant power to set prices.
Deadweight Loss
The drop in economic productivity happening when the optimal free market balance for a good or service isn't met.
Price Ceiling
A price ceiling is a government-imposed limit on how high the price of a good or service can be charged in the market, usually set below the equilibrium price to ensure affordability of essential goods.
Monopolist
An entity that is the sole provider of a particular good or service, giving it the ability to control market prices and output levels.
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