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Flashcards in 11-5 Deck (6)
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1
Q

Keeps price from getting higher, causes a shortage

A

Price ceiling

2
Q

Keeps price from going lower, causes a surplus

A

Price floor

3
Q

Laws that set price controls on the renting of residential housing
Functions as a price ceiling

A

Rent control

4
Q

Lowest wage that can be paid by law to most workers

A

Minimum wage

5
Q

Checks sent to producers that makes up the difference between the actual market price and the target price

A

Deficiency payment

6
Q

Markets talk

A

Markets reflect the thoughts and feelings of buyers and sellers.