Chapter 6: Demand, Supply & Prices

which one accurately describes disequilibrium

the legal minimum price buyers must pay for a product

Define surplus

what are examples of black market

a way of encouraging people to act in a certain manner

a government system for allocating goods and service other than price

when producers sell products lower at lower prices to lure more customers from rivals

The price at which the quantity demanded & the quantity supplied are equal

a legal minimum amount that an employers must pay for one hour of work

When the quantity demanded and the quantity supplied at a particular price are equal

the result of quantity demanded being greater than quantity supplied

the max legal price sellers may charge for a product