MicroEconomics Chapter 4 Roger A. Arnold 10th edition
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6 terms
Terms | Definitions |
|---|---|
 Absolute (Money) Price | The price of a good in money terms. |
| Deadweight Loss | The loss to society of not producing the competitive, or supply-and-demand-determined, level of output. |
| Price Ceiling | A government-mandated maximum price above which legal trades cannot be made. |
| Price Floor | A government-mandated minimum price below which legal trades cannot be made. |
| Relative Price | The price of a good in terms of another good. |
| Tie-in Sale | A sale whereby one good can be purchased only if another good is also purchased. |
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