Supply and Demand Equilibrium

Front

Point at which supply and demand come together

Back

equilibrium

Front

When quantity demanded is more than quantity supplied

Back

Shortage

Front

When quantity supplied is more than quantity demanded

Back

Surplus

Front

Legal maximum that can be charged for a good.

Back

price ceiling

Front

When quantity supplied is greater than the quantity demanded, what is the condition known as? Options: abundant supply, disequilibrium, excess availability, excess supply.

Back

excess supply.

Front

What is the government controlled price ceiling on apartment prices called?

Back

rent control

Front

When the government sets a price floor on earned income, it is called which of the following? (market equilibrium rate, base-level wage, minimum wage, employment guarantee)

Back

minimum wage

Front

Why does the government place price ceilings on some "essential" goods?

Back

to keep the goods from becoming too expensive

Front

When quantity supplied exceeds quantity demanded at a certain price.

Back

surplus

Front

The financial and opportunity costs consumers pay in looking for a good or service.

Back

search costs