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1. A legal floor on the wage rate, which is the market pride of 2. When the price elasticity of demand is infinite, economists
labor. say thay demand is what?
3. The _____ _____ of a given quantity is the price at which 4. People spent money and expand effort in order to deal with
consumers will demand that quantity. the shortages caused by a price ceiling.
9. A lower limit 5. A tax on sales.
12. Price X quantity sold 6. These control typically the form of an upper limit.
13. A market in which goods and services are bought and sold 7. The amount of the good that can be legally transacted is the
illegaly. ___.
14. The _____ _____ of a given quantity is the price at which 8. When the price elasticity is greater than 1, it is said to be
producers will supply that quantity. what?
15. When a government intervenes to regulate priced they 10. A market when there are missed opportunities (eayd which
impose ____ ______. production / consumption could be rearranged).
11. An upper limit on the quantity of some good that can be
bought or sold.
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