$Ceilings & $Floors
Is minimum wage an example of a price floor or price ceiling?
What is a binding price floor.
Most efficient type of market structure...no firm is large enough to control the price of the commodity
What is a perfectly competitive market
Minimum amount that an employer must pay an employee
What is minimum wage
You have 15 seconds to draw the elasticity formula
%TrangleQ / %TriangleP
What is elasticity
How much Q changes as the result of changes in P
What do you call it when Supply is greater than Demand at a given price?
What is a surplus
Contains two or more firms, and at least one of the firms produces a significant portion of the market's entire output
What is Oligopoly
What is this labour demand determinant: the demand for the good or service that the workers are producing
What is Demand for output
You have 15 seconds to draw a non-binding price ceiling with the marker in your hand
Dash line should be above Market Equilibrium
What is unit elasticity
What is when the quantity is exactly the same as the price =1.0
You have 15 seconds to draw a binding price ceiling with the marker in your hand
Dash line should be below Market Equilibrium
A market that is populated by only one firm
What is a Monopoly
The amount of wages that a person needs to earn to be able to afford the necessities of life
What is a living wage
You have 15 seconds to draw a non-binding price floor with the marker in your hand
Dash line should be below Market Equilibrium
When the quantity is less than the price. Elasticity being < 1.0
What is inelastic
What do you call it when Demand is greater than Supply at a given price?
What is a shortage
A market with many firms where each firms product is slightly differentiated
What is Monopolistic Competition
What is this labour supply variable: the level of education required for a particular job market
What is "required level and education"
You have 15 seconds to write the equation "difference of change formula" for both Quantity and Price
whats is new-old/old
When the quantity is more than the price. Elasticity being > 1.0
What is elastic
You have 15 seconds to draw a binding price floor with the marker in your hand
Dash line should be above Market Equilibrium
High start up costs, and other obstacles preventing other firms from easily entering a market
What is barriers to entry
The idea that all adults in a society should be paid a minimum amount of money each year by the government
What is guaranteed basic income
You have 15 seconds to draw and label a labour market graph and identify minimum wage
minimum wage labelled above market equilibrium. The more detail the better if both sides go
You have 20 seconds to draw an elastic graph and inelastic graph. Label which one is which
Inelastic is a steeper slope symbolizing no change, while elastic has a flatter slope