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Carlos, age 24, and Samuel, age 47, are employed as security officers for Jackson Security Co. In an effort to retain qualified officers and to be more competitive with the salaries offered by the police department, Jackson developed an incentive plan which provided for higher raises for younger officers. As a result, Jackson gave Carlos a higher raise than Samuel. Samuel filed a claim for age discrimination.
Price Floor
A government or regulatory-imposed minimum price for a good or service, intended to prevent prices from falling below a certain level.
Shortage
An instance where the need for a good or service surpasses its availability in the marketplace.
Subsidy
Financial assistance provided by government to support businesses, organizations, or individuals, often aimed at encouraging certain economic activities or reducing burdens.
Selling Price
The amount of money that a seller charges for a product or service.
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