Econ CH 6-8 - Chapter 6 Markets In Action Price Ceiling –...

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Price Ceiling – is a regulation that makes it illegal to charge a price higher than a specified level. Rent Ceiling – when a price ceiling is a applied to housing markets. Search Activity – the time spent looking for someone with whom to do business. Black Market – an illegal market in which the price exceeds the legally imposed price ceiling. Price Floor – is a regulation that makes it illegal to trade at a lower than a specified level. Minimum Wage – when a price floor is applied to labor markets. Living Wage – an hourly wage rate that enables a person who works 40-hour work week to rent adequate housing for not more than 30 percent of the amount earned. Tax Incidence – is the division of the burden of tax between the buyer and the seller. Subsidy – is a payment made by the government to a producer. Production Quota – is an upper limit to the quantity of a good that may be produced in a specific period. Chapter 7 Utility and Demand
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This note was uploaded on 05/18/2008 for the course ECON 103 taught by Professor Holt during the Spring '08 term at George Mason.

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Econ CH 6-8 - Chapter 6 Markets In Action Price Ceiling –...

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