Shared Flashcard Set

Details

Microeconomics
Chapter 4-7
5
Economics
Undergraduate 1
09/28/2010

Additional Economics Flashcards

 


 

Cards

Term

Price Ceiling

Definition
max charging price
Term
Price Floor
Definition
minimum buying price
Term
Black Market
Definition
Works outside the legal system
Term
Surplus
Definition
Amount of good offered > what buyer will purchase at the existing price. Decrease would eliminate the surplus.
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