Shared Flashcard Set

Details

Title

Microeconomics

Description

Chapter 4-7

Total Cards

Subject

Economics

Level

Undergraduate 1

Created

09/28/2010

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Additional Economics Flashcards

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.