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What is the major product for the following reaction?
Binding Price Ceiling
A maximum price set by the government below the equilibrium price, causing shortages.
Lower Quality
Refers to products or services that do not meet the expected standards or performance criteria compared to others in the market.
Price Ceilings
Legally imposed maximum prices on goods or services that aim to keep them affordable for consumers, which can lead to shortages if set below the market equilibrium.
Black Markets
Illegal trading systems where goods or services are bought and sold at prices not regulated by the government, often in violation of price controls or rationing.
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