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2 cards from this section. Quick, good the night before a test.
What is a price floor?
Think about what happens to the price for consumers.
What occurs when a price floor is set above the equilibrium price?
Recall the relationship between supply and demand.
What is a price floor?
Recall which price it aims to support.
True or False: Price floors can lead to a shortage of goods.
Think about the definition and implications.
Explain how the imposition of a price floor can lead to market distortion and discuss potential solutions for excess supply.
Think about both the economic and social implications of surplus.
Assess the impact of minimum wage laws on employment rates and consider alternative approaches to ensuring fair wages.
Analyze both sides of the regulation impact.
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