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JA Chp. 5

JA Economics Chp. 5

QuestionAnswer
The price at which the amount supplied is equal to the amount demanded. Equilibrium market-clearing price or equilibrium
A price set below equilibrium by the government price ceiling
A price set above equilibrium by the government price floor
Distributing or allocating a product by a price system. rationing
The difference between the amount supplied and the amount demanded when the asking price is less than a market-clearing price. shortage
The difference between the amount supplied and the amount demanded when the asking price is greater than a market-clearing price. surplus
Created by: pinetreeacademy
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