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5 Cards in this Set

  • Front
  • Back
Price ceiling
A legally established maximum price aa seller can charge
Price Floor
A legally established mininum price a seller can be paid
Market Failure
a situation in which market equilibrium results in too many resources being used in the production of a good or service. This inefficiency may justiy government intervention
Externality
A cost or benefit imposed on people other than the consumers and producers of a good or service.
Public Good
A good or service with two properties (1) users collectively consume benefits, and (2) there is no way to bar people who do not pay (free riders) from consuminmg the good or service