Price Floors and Cielings
Term for a minimum price set by the government to protect producers.
What is the price floor?
The type of elasticity that occurs when the graph contains a vertical line
What is Perfectly Inelastic?
This is an example of a price ceiling within the medical field
What is the price ceiling on prescription drugs?
The University that these presenters attend.
What is Harvard University?
The quantity that is released to the market when a price floor is enacted.
What is the quantity demanded (QD)
The type of elasticity that occurs when the graph contains a horizontal line
What is Perfectly Elastic?
The different types of food that Venezuela put a price ceiling upon. (name 2)
What is flour, milk, rice, sugar, meat?
The opportunity cost of waiting in line for 3 hours for someone who makes $10/hr when working.
What is $30?
Another name for surplus when discussing minimum wage and the labor market.
What is unemployment?
A real world example of a market sector that is subject to subsidies (name at least 1).
What is Agriculture, Healthcare, Energy, Transportation subsidies?
A salary cap is dependent upon these factors (name at least 1)
What is the revenue of the league, market forces, talent evaluation, projected growth?
The types of leagues that use salary caps.
What are professional sports leagues (NBA specifically mentioned)?
If a price floor is set above the equilibrium price, a ___ of goods occurs.
What is surplus?
The ___ party bears the greater burden of a tax.
What is inelastic?
Luka Doncic was set to receive this share of the NBA’s salary cap.
What is 35%
The name of the only male presenting to you.
What is Ohm?
If a price ceiling is set below the equilibrium price, a __ of goods occurs.
What is shortage?
Type of tax levied on the sale of goods and services
What is sales tax?
The 2008 Food Price Crisis was caused by increased usage of ___.
What is biofuel?
The study of how people use resources to produce, distribute, and consume goods and services.
What is economics?