definitions im messing up Flashcards
(6 cards)
1
Q
minimum price
A
minimum price is the lowest price a good can be legally sold for
2
Q
regulation
A
when the government makes changes to address market failure
3
Q
consumer surplus
A
consumer surplus is the difference between what consumers are willing to pay and what they actually pay
4
Q
positive statement
A
A statement that can be tested using evidence to see if it’s true or false.
5
Q
price mechanism
A
the interaction of supply and demand to determine the price in a market.
6
Q
A
