Term
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Definition
| legally determined maximum a seller can charge for a good or product |
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Term
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Definition
| legally determined minimum price sellers may receive |
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Term
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Definition
| the difference between what the consumer is willing to pay and what s/he actually pays |
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Term
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Definition
| the difference between the lowest a producer is willing to accept and how much is actually accepted |
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Term
| Where is producer surplus on the graph? |
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Definition
| The area below the price and above the supply curve |
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Term
| Where is consumer surplus on the graph? |
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Definition
| The area below the demand curve and above the market price. |
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Term
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Definition
| A market in which activities violate government price settings. |
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Term
| What is positive analysis concerned with? |
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Definition
| Economic questions of "what is." |
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Term
| What is normative analysis concerned with? |
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Definition
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Term
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Definition
| the deadweight loss resulting from tax |
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Term
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Definition
| the actual division of the burden of tax |
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