2.7 Role of government intervention

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Last updated 3:22 AM on 8/21/26
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7 Terms

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Price Ceiling

When the government sets a maximum price below the equilibrium price

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Price Floor

When the government sets a minimum price above the equilibrium price

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Demerit good

Goods that damage the individual and/or society as a whole, but are over provided by the market

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Indirect tax

A tax imposed upon expenditure

Placed upon the selling price of the product and is paid by consumers/producers when a good/service is bought

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Subsidy

A sum of money granted by the government and paid to producers, to help an industry or business keep the price of a good or service low

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Price ceiling diagram

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