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MicroEconomics Chapter 4 Roger A. Arnold 10th edition

Chapter 4 Roger A. Arnold 10th edition
STUDY
PLAY
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.