11-5 Flashcards
1
Q
Keeps price from getting higher, causes a shortage
A
Price ceiling
2
Q
Keeps price from going lower, causes a surplus
A
Price floor
3
Q
Laws that set price controls on the renting of residential housing
Functions as a price ceiling
A
Rent control
4
Q
Lowest wage that can be paid by law to most workers
A
Minimum wage
5
Q
Checks sent to producers that makes up the difference between the actual market price and the target price
A
Deficiency payment
6
Q
Markets talk
A
Markets reflect the thoughts and feelings of buyers and sellers.
