Week 3 Flashcards
(6 cards)
1
Q
Price Ceiling
A
A legal maximum on the price at which a good can be sold
2
Q
Price Floor
A
legal minimum on the price a good can be sold
3
Q
Floor is going to lead to a..
A
Surplus
4
Q
Ceiling is going to lead to a…
A
Shortage
5
Q
Ceiling has to be…
A
Below Eq
6
Q
Floor has to be…
A
Above Eq
