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10 Cards in this Set
- Front
- Back
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Price Controls |
Legal restrictions on how high or low a market price may go |
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Price Ceiling |
A maximum price sellers are allowed to charge for a good or service |
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Price Floor |
A minimum price buyers are required to pay for a good or service |
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Deadweight Loss |
The loss in total surplus that occurs whenever an action or a policy reduces the quantity transacted below efficient equilibrium quantity |
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Wasted Resources |
People expend money, effort, and time to cope with shortages cause by price ceiling |
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Minimum Wage |
Legal floor on the wage rate, which is the market price of labor |
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Quantity Control (Quota) |
An upper limit on the quantity of some good that can be bought or sold |
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License |
Gives its owner the right to supply a good |
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Demand Price |
The price at which consumers will demand that quantity |
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Supply Price |
The price at which producers will supply that quantity |
