Micro Chapter 5

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Price controls

-an attempt to set price through govt involvement in market

Black markets

-illegal markets that arise when price controls are in place

Price ceilings

-legally established maximum prices for goods or services

Price floors

-legally established minimum prices for goods or services

Minimum wage

-lowest hourly wage rate that firms may legally pay their workers

Price gouging laws

-place a temporary ceiling on the prices that sellers can charge during times of emergency

Rent control

-price ceiling that applies to the housing market


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