chapter 4 - demanded Import quota restriction on the...

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Chapter 4 Price-control law - a government makes it illegal to buy and sell at some prices Price floor - a minimum price that must be paid. It is illegal to buy and sell at less than a certain price Price ceiling - sets a maximum legal price. Makes it illegal to buy and sell at more than a certain price Disequilibrium - a situation in which the quantity supplied is different from the quantity
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Unformatted text preview: demanded Import quota- restriction on the quantity that can be imported from another country Rent control laws are a type of price ceiling. As a result of the law there is a decrease in the total amount of rental housing actually consumed. Black market- involves illegal sales for the purpose of getting around a price control...
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