3. Price floor and ceiling
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4 Terms
1
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state the purpose of a minimum price (price floor)
good or service becomes more expensive to consume → less consumption
good or service produces more profit
contraction in quantity demanded + extension in quantity supplied
2
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show a minimum price graph
3
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state the purpose of a maximum price (price ceiling)
good or service becomes less expensive to consume → more consumption
good or service produces less profit
extension in quantity demanded + contraction in quantity supplied
4
New cards
show a maximum price graph
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