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A racial group is defined primarily by physical characteristics, whereas an ethnic group is defined primarily by cultural characteristics.
Price Floor
A government-set minimum price that can be charged for goods and services, aimed at protecting producers.
Equilibrium Price
The price at which the quantity of goods supplied matches the quantity of goods demanded.
Price Ceiling
A price ceiling is a government-imposed limit on how high a price can be charged for a product or service, typically intended to protect consumers.
Price Ceiling
A legally imposed maximum price on a good or service, intended to prevent prices from rising above a certain level, often leading to shortages.
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