Key Terms
Match each of the terms on the left with its definition on the right. Click on the term first and then click on the matching definition. As you match them correctly they will move to the bottom of the activity.
Question
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
Willingness to pay, p. 106
Individual consumer surplus, p. 107
Total consumer surplus, p. 107
Consumer surplus, p. 107
Cost, p. 109
Individual producer surplus, p. 109
Total producer surplus, p. 109
Producer surplus, p. 109
Total surplus, p. 112
Price controls, p. 113
Price ceiling, p. 113
Price floor, p. 113
Deadweight loss, p. 116
Inefficient allocation to consumers, p. 118
Wasted resources, p. 119
Inefficiently low quality, p. 119
Black markets, p. 119
Minimum wage, p. 122
Inefficient allocation of sales among sellers, p. 125
Inefficiently high quality, p. 125
Quantity control, p. 128
Quota, p. 128
Quota limit, p. 128
License, p. 128
Demand price, p. 129
Supply price, p. 129
Wedge, p. 131
Quota rent, p. 131