Econ Ch. 3.7-3.9

Trading a box of Ding Dongs for a red sweater is an example of this

Any time a market has more demand than supply or more supply than demand, the market is in:

When there is more demand for Ding Dongs than Hostess can keep up with, you get a:

When mad cow disease sweeps through all the cattle in the U.S., the quantity of beef suddenly and unexpectedly plummets

When there is more supply of Ding Dongs than Hostess can sell, you get this

During WW2 the government put a limit on how much beef, milk, cheese, and rubber a family could buy each month

The price for an item is at such a point where there is neither shortage nor a surplus

The total quantity of all Ding Dongs that Hostess has in its warehouses

When the price system does not work because gov't interference, people can create a new, illegal free market