Economics Chapter 6
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| equilibrium | the point at which quantity demanded and quantity supplied are equal
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| disequilibrium | describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market
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| excess demand | when quantity demanded is more than quantity supplied
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| excess supply | when quantity supplied is more than quantity demanded
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| price ceiling | a maximum price that can be legally charged for a good or service
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| price floor | a minimum price for a good or service
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| rent control | a price ceiling placed on rent
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| minimum wage | a minimum price that an employer can pay a worker for an hour of labor
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| surplus | Situation in which quantity supplied is greater than quantity demanded; also know as excess supply
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| shortage | situation in which quantity demanded is greater than quantity supplied; also know as excess demand
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| search costs | the financial and opportunity costs consumers pay when searching for a good or service
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| supply shock | a sudden shortage of a good
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| rationing | a system of allocating scarce goods and services using criteria other than price
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| black market | a market in which goods are sold illegally
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| spillover cost | cost of production that affect people who have no control over how much of a good is produced
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