Term
| The point at which quantity demanded and quantity supplied are equal |
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Term
| A minimum price for a good or service |
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Definition
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Term
| When quantity demanded is more than quantity supplied |
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Term
| A price ceiling placed on rent |
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Definition
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Term
| When quantity supplied is more than quantity demanded |
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Term
| A minimum price that an employer can pay for a worker for an hour of labor |
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Term
| A maximum price that can be legally charged for a good or service |
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Term
| A system of allocating scarce goods and services using criteria other than price |
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Term
| A market in which goods are sold illegally |
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