Match the word with its definition price cap This arises when the government tri
ID: 1203323 • Letter: M
Question
Match the word with its definition price cap This arises when the government tries to control prices or production of a market price ceiling The least amount that can legally be paid to a worker rent ceiling The highest a price is allowed to go tax incidence Same as a price cap Search activity The minimum price that can be charged production quota Setting a limit on how much rent that can be charged price floor Setting an upper limit on how much rent that can be charged minimum wage The extra time it takes to find something do to price controls subsidy When the government artificially lowers the price of something black market The person or group that ends up paying a taxExplanation / Answer
(A) Black market
(B) It's called Minimum wage (example of a price floor).
(C) Price Cap
(D) Price ceiling
(E) Price floor
(F) Production quota (restriction on output that can be produced)
(G) Rent ceiling (example of price ceiling)
(H) Search activity
(I) Subsidy (A subsidy effectively lowers the price of a good)
(J) Tax incidence