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8 Cards in this Set
- Front
- Back
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Parity
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ratio of prices received by farmers for their output to the prices farmers pay for their inputs
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Price Ceiling
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a legislated amount above which the market price is not allowed to rise
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Price Floor
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a legislated amount below which the market price is not allowed to fall
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Rent Control
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a price ceiling on the rents that landlords can charge low-income tenants
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Gross-of-Tax Price
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the price including the tax, which is the price that the consumers pay under an excise or sales tax
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Net-of-Tax Price
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price excluding the tax, which is the price that producers receive to cover their costs under an excise or sales tax
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Impact of a Tax
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refers to the levying of the tax; who actually writes the check to the government
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Incidence of a Tax
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refers to the true burden of the tax; how the burden of the tax is split between demanders & suppliers
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