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7 Cards in this Set
- Front
- Back
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Price Controls |
an attempt to set prices through government involvement in the market |
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Price Ceilings |
legally established max prices for goods or services |
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Black Markets |
illegal markets that arise when price controls are in place |
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Rent Control |
price ceiling that applies to the housing market |
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Price Gouging Laws |
places a temporary ceiling on the prices that sellers can charge during times of emergency |
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Minimum Wage |
the lowest hourly wage rate that firms may legally pay their workers |
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Price floors
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Legally established minimum prices for goods or services
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