Key Terms
Question
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5DqWAAUE5kCilQy34tnruwQT
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