Chapter 6 Micro Test Flashcards Preview

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Flashcards in Chapter 6 Micro Test Deck (6):
1

Tax Incidence

How taxes are divided

2

Price ceiling

The maximum legal price for a good

3

What are the 3 effects of a Price Control

Results in black market
increase search activity
Shortage or surplus

4

Price Floor

the minimum legal price of a good

5

What is an example of price ceiling?

Rent Ceiling

6

What is an example of price floor?

Minimum Wage

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