Econ Semester Review

The point where supply and demand curves meet.

• Equilibrium
• Disequilibrium
• Regulation
• Deregulation

Any price or quantity that does not meet equilibrium. Where supply and demand do not meet.

• Equilibrium
• Disequilibrium
• Regulation
• Deregulation

A minimum price as which a product can be sold is a....

• Price ceiling
• Price floor
• Surplus
• Shortage

A maximum price at which a product can be sold is a...

• Price ceiling
• Price floor
• Surplus
• Shortage

Demand that reacts to change in price

• Disequilibrium
• Regulation
• Elastic
• Inelastic

A business owned by two or more people.

• Monopoly
• Partnership
• Corporation
• Price Control

Factors other than price determine a demand curve shift

• Shortages
• Price Control
• Determinants
• Regulation

A market in which there are many buyers but only one seller

• Monopoly
• Ologopoly
• Monopolistic Competition
• Corporation

Situation in which demand exceeds supply

• Shortages
• Surplus
• Liability
• Corporation

A legal obligation to pay a debt

• Shortages
• Surplus
• Liability
• Corporation