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Term
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Definition
| a legal maximum on the price at which a good can be sold |
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Definition
| a legal minimum on the price at which a good can be sold |
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Definition
the price ceiling if the price that balances supply and demand is below the ceiling
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when the equilibrium price is above the price floor |
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Term
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Definition
the price ceiling if the price that balances supply and demand is above the ceiling
(causes shortage)
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if the equilibrium price is below the price floor
(causes surplus)
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Term
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Definition
| the manner in which the burden of a tax is shared among participants in a markey |
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