Econ 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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| black market | a market in which goods are sold illegally
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| disequilibrium | describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in the market
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| equilibrium | the point at which the quantity demanded and quantity supplied are equal
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| excess demand | when quantity demand is more than quantity supplied
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| excess supply | when quantity supplied is more than quantity demanded
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| Minimum wage | a minimum price that an employer can pay a worker for an houir of labor
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| price ceiling | a maximum price that can legally be charged for a good or service
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| price floor | a minimum price for a good or service
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| rationing | a system of allocating scarce goods and services using criteria other than price
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| rent control | a price ceiling placed on rent
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| search costs | the cost of financial and opportunity costs consumers pay when searching for a good or service
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| shortage | situation in which quantity demanded is greater than quantity supplied; also known as excess demand
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| spillover costs | costs of production that affect people who have no control over how much of a good is produced
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| supply shock | a sudden shortage of a good
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| surplus | situation in which quantity supplied is greater than quantity demanded; also known as excess supply
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
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