Supply and Demand Flashcard Review

Front

What does the removal of some government controls over a business refer to?

Back

Deregulation

Front

At which point do the supply and demand curves meet?

Back

Equilibrium

Front

What is the government's role in business that affects production?

Back

Regulation

Front

What term describes a price or quantity that does not meet equilibrium; supply and demand do not meet?

Back

Disequilibrium

Front

What method is typically used for resource allocation in a market system?

Back

Price

Front

What is a minimum price at which a product can be sold called?

Back

price floor

Front

What is a maximum price at which a product can be sold called?

Back

price ceiling

Front

Which quantity represents equilibrium on the graph? Options: Q3, Q1, Q2, Q0

Back

Q1

Front

Points B and A on the graph represent what?

Back

Price floor

Front

What do points B and A represent in terms of market conditions? Shortage, Market Structure, Surplus, Zero Quantity

Back

Surplus