CH 6 Price control Flashcards
1
Q
Black markets
A
Illegal market that emerge because of price control p187
2
Q
minimum wage
A
Lowest hourly wage that firms can legally pay their workers. p202
3
Q
price ceiling
A
legal max price of a good p186
4
Q
price controls
A
when gov. try and set prices in the market p186
5
Q
price floors
A
legally established minimum price for good/Services p196
6
Q
price gouging laws
A
temporary price ceiling that sellers can charge in time of emergency p194
7
Q
rent control
A
a price ceiling on apt rentals p192
