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In a short essay, identify a number of your own statuses.What roles correspond to each? Do any operate as master statuses? How? Identify which statuses are mostly ascribed and which are mostly achieved.Use one or more examples to explain why many statuses are both ascribed and achieved.
Price Floor
A government-imposed minimum price set above the equilibrium price, preventing market prices from falling below it.
Shortage/Surplus
Conditions where the quantity demanded is greater than the quantity supplied (shortage) or the quantity supplied is greater than the quantity demanded (surplus) in a market.
Quantity Demanded
The total amount of goods or services that consumers are willing and able to purchase at a specific price level.
Quantity Supplied
The volume of a good or service available for sale from suppliers at a certain cost.
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