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Studies of human decision-making have detected systematic mistakes that people make. Which of the following have been detected?
Minimum-Wage Laws
Regulations establishing the lowest amount that employers can legally pay their workers per hour of labor.
United States
A country in North America comprised of 50 states and a federal district, known for its substantial influence in global economic, political, and cultural matters.
Price Ceiling
A regulation that sets the maximum allowable price for a good or service to prevent prices from rising above a certain level.
Shortage
A market condition where the demand for a product exceeds the supply available at a specific price.
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