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8 Cards in this Set
- Front
- Back
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Equilibrium |
The point at which quantity demand and quantity supplied are equal |
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Disequilibrium |
Describes any price or quantity not at equilibrium; when quantity supplied is not equal to quantity demanded in a market |
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Excess demand |
When quantity demanded is more than quantity supplied |
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Excess supply |
When quantity supplied is more than quantity demanded |
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Price ceiling |
A maximum price that can be legally charged for a good or service |
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Price floor |
A minimum price for a good or service |
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Rent control |
A price ceiling placed on rent |
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Minimum wage |
A minimum price that an employer can pay a worker for a hour of labor |
