Price: Supply, Demand, and Equilibrium

Rent control is an example of 

A sudden drop in the supply of a good

A system of allocating scarce goods and services by criteria other than price

what is another term for excess supply?

Define disequilibrium

Any situation where quantity demanded is greater than quantity supplied

On the graph, movement from S1 to S2 is an

With a demand decrease from D1 to D2, what changes?

What determines the price of a good?

A situation where quantity supplied is greater than quantity demanded

The point at which quantity demanded and quantity supplied are equal

Movement along S2 from P1 to P3 is 

what is another term for excess demand?

A government mandated minimum price that must be paid for a good or service

This is a type of government intervention to try and control the market