Chapter 6 Markets In Action
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.
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- Spring '08
- Holt
- Microeconomics, producer, 30 percent, 40-hour
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