Examlex
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Deadweight Loss
A decrease in economic effectiveness occurring when a good or service doesn't reach its free market equilibrium.
Minimum Wage
The lowest legal hourly rate of pay that employers can compensate workers, established to protect employees from exploitation.
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.
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