Price Floor Properties
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6 Terms
1
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Creates
surplus
2
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Price floors require
rationing of which sellers are allowed to sell and which are not
3
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Price floors
reduce the amount consumers actually get
4
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Price floors artificially increase the quality
of the good (bad thing as quality is costly and higher quality might not be a benefit)
5
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Price floors promote
corruption
6
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Price floors decrease
the marginal value of the good
Note 
Flashcards (52)