Microeconomics Chapter 4
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A market in which buying and selling take place at prices that violate government price regulations.
The difference between the highest price a consumer is willing to pay for a good or service and the actual price the consumer pays.
The reduction in economic surplus resulting from a market not being in competitive equilibrium.
The sum of consumer surplus and producer surplus.
The difference between the lowest price a firm would be willing to accept for a good or service and the price it actually receives.
The actual division of the burden of a tax between buyers and sellers in a market.
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