Brainscape's Knowledge GenomeTM

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


See full index

Economics: THEME ONE > Max And Min Price (L20) > Flashcards

Max And Min Price (L20) Flashcards

1
Q

Maximum price

A

A price set below market equilibrium price by government

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

Minimum price

A

A price set above market equilibrium price by the government

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

Guaranteed minimum pricing scheme:

A

Excess supply from minimum price is bought by government at minimum price, to protect producer incomes

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

Welfare cost

A

Loss of economic efficiency

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

Economics: THEME ONE (20 decks)

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