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