Economics Exam #2 Notes_2008

Elasticity of supply measures the responsiveness of

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11. Elasticity of supply     - Measures the responsiveness of the quantity supplied to a  change in the price of a good when all other influences on selling plans remain the  same Chapter 5 1. Price ceiling     - A regulation that makes it illegal to charge a price higher than a  specified level
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Vocabulary 07:12 2. Rent ceiling     - A price ceiling applied to the housing market 3. Search activity     - The time spent looking for someone with whom to do business 4. Black market     - An illegal market in which the price exceeds the legally imposed price  ceiling 5. Price floor     - A regulation that makes it illegal to trade at a price lower than a specified  level 6. Minimum wage     - A price level that is applied to labor markets 7. Living wage     - An hourly wage rate that enables a person who works a 40-hour work  week to rent adequate housing for not more than 30 percent of the amount earned 8. Tax incidence     - The division of the burden of a tax between the buyer and the seller 9. Subsidy     - A payment made by the government to a producer 10. Production quota     - An upper limit to the quantity of a good that may be produced in a  specified period
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