Econ

price ceiling

• established maximum price that sellers may charge for a product

• illegal business of buying or selling goods or services in violation of price controls or rationing

• established minimum price that buyers must pay for a product

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

black market

• established maximum price that sellers may charge for a product

• illegal business of buying or selling goods or services in violation of price controls or rationing

• established minimum price that buyers must pay for a product

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

price floor

• established maximum price that sellers may charge for a product

• illegal business of buying or selling goods or services in violation of price controls or rationing

• established minimum price that buyers must pay for a product

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

subsidy

• established maximum price that sellers may charge for a product

• illegal business of buying or selling goods or services in violation of price controls or rationing

• established minimum price that buyers must pay for a product

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

market structure

• economic model of competition among businesses in the same industry

• illegal business of buying or selling goods or services in violation of price controls or rationing

• established minimum price that buyers must pay for a product

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

standardized product

• economic model of competition among businesses in the same industry

• used by consumers who consider the product identical in all essential features to other products in the same market

• established minimum price that buyers must pay for a product

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

perfect competition

• economic model of competition among businesses in the same industry

• used by consumers who consider the product identical in all essential features to other products in the same market

• market structure which is the ideal model of a market economy

• government payment that helps cover the cost of an economic activity that can benefit the public as a whole

imperfect competition

• economic model of competition among businesses in the same industry

• used by consumers who consider the product identical in all essential features to other products in the same market

• market structure which is the ideal model of a market economy

• market structure that lacks one or more of the conditons needed for perfect competition

monopoly

• market structure in which only one seller sells a product for which there are no close substitutes

• used by consumers who consider the product identical in all essential features to other products in the same market

• market structure which is the ideal model of a market economy

• market structure that lacks one or more of the conditons needed for perfect competition

oligopoly

• market structure in which only one seller sells a product for which there are no close substitutes

• market structure in which only a few sellers offer a similar product

• market structure which is the ideal model of a market economy

• market structure that lacks one or more of the conditons needed for perfect competition