Prices Vocabulary

A minimum price for a good or service

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

When the quantity demanded in a market exceeds the quantity supplied-also known as excess demand.

A price ceiling placed on apartment rent.

When quantity supplied exceeds quantity demanded

When quantity supplied is not equal to quantity demanded in a market

The amount that a consumer is willing and able to buy at a specific price

The amount that a supplier is willing and able to supply at a specific price

The point of balance at which quantity supplied equals the quantity demanded

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