Economics Chaptr 4
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6 Terms
1
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Tie-in Sale
A sale whereby one good can be purchased only if another good is also purchased.
2
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Price Ceiling
A government-mandated maximum price above which legal trades cannot be made.
3
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Price floor
A government-mandated minimum price below which legal trades cannot be made.
4
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Deadweight Loss
The loss to society of not producing the competitive, or supply-and-demand-determined, level of output.
5
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Absolute (Money) Price
The price of a good in money terms.
6
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Relative Price
The price of a good in terms of another good.
Note 
Flashcards (106)