Price Controls
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4 Terms
1
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price ceiling
a legal maximum on the price: ex. rent control
2
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price floor
a legal minimum on the price: ex. minimum wage
3
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deadweight loss
when you’re not producing the efficient quantity: empty space within the graph, typically a triangle
4
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no effect
what do non-binding ceilings and non-binding floors have in common?
Note 
Flashcards (142)