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How has technological change resulted in the loss of jobs?
Competitive Market
A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar enough to be considered substitutes.
Shortage
A market condition where the demand for a product exceeds the supply of that product, often leading to higher prices.
Effective Price Ceiling
A government-imposed limit on how high the price of a product can be charged, set below the market equilibrium to be effective.
Equilibrium Price
The price at which the quantity of a good or service demanded meets the quantity supplied, resulting in a stable market condition.
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