Lesson 6: Price Controls & Taxes and Subsidies (ECON-221)

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Last updated 3:26 AM on 6/26/26

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1

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Price controls

regulations that set a maximum or minimum price for a good

2

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Price ceiling

maximum price; keeps price from going above a certain level

3

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Price floor

minimum price; keeps price from going below a certain level

4

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Binding

5

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Non-binding

6

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Excise Tax

7

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Subsidy

8

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Tax Incidence