Markets, Equillibrum, And Prices

Question 1

The point at which the quantity of product demanded by consumers in the market equals the quantity supplied by producers

Answer 1

Market equilibrium

Question 2

The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers

Answer 2

Equilibrium price

Question 3

The quantity of a good or service demanded by consumers and supplied by producers when the market is in equilibrium

Answer 3

Equilibrium quantity

Question 4

Government imposed limits on the prices that producers may charge in the market

Answer 4

Price controls

Question 5

A minimum price set by the government to prevent prices from going too low

Answer 5

Price flow

Question 6

Maximum price set by the government to prevent prices from going to high

Answer 6

Price ceiling

Question 7

The controlled distribution of a limited supply of a good or service

Answer 7

Rationing

Question 8

And illegal market in which goods are traded at prices or in quantities higher than those set by law

Answer 8

Black market