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8 Cards in this Set
- Front
- Back
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Equilibrium |
The point at which quantity demanded and quantity supplied are equal |
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Disequilibrium |
Quantity supplied is not equal to quantity demanded |
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Excess demand |
Quantity demanded us more than quantity supplied |
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Excess supply |
Quantity supplied is more than quantity demanded |
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Price ceiling |
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 |
Price ceiling placed on rent |
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Minimum wage |
A minimum price that an employer can pay a worker can pay a worker for an hour of labor |
