Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

ECON 103 > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Price ceiling

A

Legal maximum on the price a good can be sold at. Must be below equilibrium. Creates shortage

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Price floor

A

Legal minimum on the price a good can be sold at. Must be above equilibrium. Creates surplus

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Tax incidence

A

How taxes are distributed among the people who make up the economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Binding constraint

A

If the equilibrium price is above the price ceiling, the price ceiling is a binding constraint

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

ECON 103 (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions