Flashcards in Chapter 4 - Demand and Supply Applications Deck (10):
A maximum price that sellers may charge for a good, usually set by government.
Waiting in line as a means of distributing goods and services: a nonprice rationing mechanism.
Those who receive special treatment from dealers during situations of excess demand.
Tickets or coupons that entitle individuals to purchase a certain amount of a given product per month.
A market in which illegal trading takes place at market-determined prices.
A minimum price below which exchange is not
A price floor set for the price of labor.
The difference between the maximum amount a person is willing to pay for a good and its current market price.
The difference between the current market price and the full cost of production for the firm.