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| the point at which the quantity of a product demanded by consumers in a market equals the quantity supplied by producers |
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| the price at which the quantity of a product demanded by consumers equals the quantity supplied by producers |
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| the quantity of a good or service demanded by consumers and supplied by producers when the market is in the equilibrium |
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| government imposed limits on the prices that producers may charge in the market |
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| a minimum price set by the government to prevent prices from going too low. minimum wage laws set a price floor for wages paid to workers. |
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| a maximum price set by the government to prevent prices from going too high. rent control laws set a price ceiling on the amount of rent a landlord can charge a tenant. |
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| the controlled distribution of a limited supply of a good or service. |
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| an illegal market in which goods are traded at prices or in quantities higher than those set by law. |
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| the price a willing consumer pays to a willing producer for the sale of a good or service |
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| the quantity demanded is no longer equal to the quantity supplied--it is either in shortage or surplus |
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| the quantity demanded at a specific price exceeds the quantity supplied--leading to a shortage |
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Definition
| the quantity supplied at a specific price exceeds the quantity demanded--leading to a surplus |
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