EQUILIBRIUM!

Point at which supply and demand come together

• price ceiling
• excess demand
• equilibrium
• disequilibrium

When quantity supplied is not equal to quantity demanded

• supply shock

• demand

• equilibrium
• disequilibrium

Legal maximum price that can be charged for a good.

• price ceiling
• excess demand
• equilibrium
• disequilibrium

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

• floor pricing
• rent control
• equilibrium level
• rent monitoring

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

When quantity supplied exceeds quantity demanded at a certain price, there is a:

• shortage
• fad
• search costs
• surplus

When quantity demanded exceeds quantity supplied at a certain cost, there is a:

• shortage
• fad
• search costs
• surplus

Equilibrium in a market means which of the following?

• the point at which quantity supplied and quantity demanded are the same
• the point at which unsold goods begin to pile up
• the point at which suppliers begin to reduce prices

A situation in which resources are distributed according to price

• rationing
• black market
• supply shock
• free market

Which statement is correct about the Law of Demand?

• When the price of a good decreases, quantity demanded decreases

• When the price of a good decreases, quantity demanded increases