Chapter 6 Flashcards by Alli Drake

Q

black market

A

equilibrium price exceeds legal price ceiling

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

minimum wage

A

lowest legal wage to pay people

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

price cap

A

illegal to charge higher price

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

price ceiling

A

illegal to charge higher price

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

price floor

A

illegal to charge lower price

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

production quota

A

upper limit of quantity produced in a period

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

rent ceiling

A

illegal to charge higher rent

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

search activity

A

time spent looking to do business

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

subsidy

A

payment from government to producer

How well did you know this?

1

Not at all

2

3

4

5

Perfectly

Q

tax incidence

A

division of tax burden between buyer and seller

How well did you know this?

1

Not at all

2

3

4

5

Perfectly