Chapter 6 Vocabulary Flashcards

1
Q

price ceiling

A

a legal maximum on the price at which a good can be sold

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

price floor

A

a legal minimum on the price at which a good can be sold

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

tax incidence

A

the manner in which the burden of a tax is shared among participants in a market

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