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6-3 vocabulary jw

QuestionAnswer
the legal maximum price that sellers may change for a product. Price ceiling
The legal minimum price that buyers must pay for a product. price floor
A legal minimum amount that an employer must pay for one hour of work. minimum wage
A government system for allocating goods and services using criteria other than price. Rationing
Involves the illegal buying and selling in violation of price control rationing. Black market
Created by: joannw15
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