chapter 4 homework
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black market is
a market in which buying and selling take place at prices that violate government price regulations
Economic Efficiency is
a market in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and in which the sum of consumer surplus and producer surplus is at a maximum
_____ surplus is the difference between the highest price a consumer is willing to pay and the price the consumer actually pays.
consumer
A price ceiling is a legally determined ______ price that charge. A price floor is a legally determined___ price that sellers may receive .
maximum, minimum
Tax incidence is
the actual division of the burden of a tax between buyers and sellers in market
