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jeremy harmon > Chapter 6 Micro Test > Flashcards

Chapter 6 Micro Test Flashcards

1
Q

Tax Incidence

A

How taxes are divided

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2
Q

Price ceiling

A

The maximum legal price for a good

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3
Q

What are the 3 effects of a Price Control

A

Results in black market
increase search activity
Shortage or surplus

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4
Q

Price Floor

A

the minimum legal price of a good

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5
Q

What is an example of price ceiling?

A

Rent Ceiling

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6
Q

What is an example of price floor?

A

Minimum Wage

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jeremy harmon (108 decks)

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