Chpt 6 sect 1
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| Equilibrium | the point at which quantity demanded and quantity supplied are equal
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| Disequilibrium | describes an 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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