Chapter 6 Economics

a minimum price for a good or service

any price or quantity not at equilibrium

a sudden shortage of a good

the financial and opportunity costs that consumers pay when searching for a good or service

a product that is popular for a short period of time

the quantity of goods that a firm has on hand

a system of allocating scarce goods and services using criteria other than price

a price ceiling placed on apartment rent

a minimum price that an employer can pay a worker for one hour of labor

a market in which goods are sold illegally, without regard for government controls on price

a maximum price that can legally be charged for a good or service

when quantity supplied is more than quantity demanded

the demand for a product or service is equal to the supply of that product or service

when quantity demanded is more than quantity supplied