Examlex
Which of the following is most likely to be a basic-level category?
Price Ceiling
A cap set by authorities on the maximum price for a good or service, aimed at safeguarding consumers.
Price Floor
A minimum price set by the government or other agency, below which a product cannot legally be sold.
Shortage
A situation where the demand for a product or service exceeds the supply available.
Surplus
A situation where the quantity of a good or service supplied exceeds the quantity demanded at a given price.
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