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
