Examlex
Figure 3-7
-What is the opportunity cost of moving from point B to point A in Figure 3-7?
Tax
A compulsory financial charge or other levy imposed by a government on individuals or businesses to fund various public expenditures.
Binding Price Floor
A legal minimum price for a good or service that is set above the equilibrium price, resulting in surpluses.
Binding Price Ceiling
A government-imposed limit on how high a price can be charged for a product, set below the market equilibrium price, leading to shortages.
Decreases
A reduction in size, quantity, or degree; the opposite of increases.
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