2861600
Description
Flashcards by Natalia Djohari, updated more than 1 year ago
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Created by Natalia Djohari
over 9 years ago
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| Question | Answer |
| Price Ceiling | a maximum allowable price imposed by the government |
| Deadweight Loss | loss in economic surplus due to the market being prevented from reaching the equilibrium price and quantity where marginal benefit equals marginal cost |
| Price Floor | a minimum allowable price imposed by the government |
| Result of applying tax to a highly elastic supply and demand equilibrium | Bigger dead weight loss |
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