Key Terms

Question

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

Price controls

Price ceiling

Price floor

Inefficient allocation to consumers

Wasted resources

Inefficiently low quality

Black markets

Minimum wage

Inefficient allocation of sales among sellers

Inefficiently high quality

Quantity control or quota

License

Demand price

Supply price

Wedge

Quota rent

Deadweight loss

Progressive tax

Regressive tax

Proportional tax

Excise tax

Tax incidence

Administrative costs

Lump-sum tax