Chapter 4
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Last updated 8:50 PM on 2/10/23
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5 Terms
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Pandemic
A situation in which a disease becomes widespread enough to significantly affect economic activity
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Price Ceiling
A legally determined maximum price that sellers may change.
3
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Price Floor
A legally determined minimum price that sellers may receive.
4
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Black Market
A market in which buying and selling take place at prices that violate government price regulations.
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Deadweight Loss
Production loss which arises from government intervention.
Note 
Flashcards (21)