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| process by which the market system allocates goods and services to consumers when quantity demanded exceeds quantity supplied |
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| a maximum price that sellers may charge for a good, usually set by government |
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| waiting in line as a means of distribution goods and services; a nonprice rationing mechanism |
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| those who receive special treatment from dealers during situations of excess demadn |
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| tickets or coupons that entitle individuals to purchase a certain amount of a given product per month |
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| a market in which illegal trading takes place at market-determined prices |
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| a minimum price below which exchange is not permitted |
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| a price floor set under the price of labor |
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| the difference between the maximum amount a person is willing to pay for a good and its current market price |
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| the difference between the current market price and the full costs of production for the firm |
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| the net loss of producer and consumer surplus from underproduction or overproduction |
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