Test 6 Flashcards
(6 cards)
1
Q
Price where quantity supplied equals quantity demanded
A
Equilibrium price
2
Q
Quantity of output supplied that is equal to the quantity demanded at the equilibrium price
A
Equilibrium quantity
3
Q
Situation where quantity supplied is greater than quantity demanded at a given price
A
Surplus
4
Q
Situation where quantity supplied is less than quantity demanded at a given price
A
Shortage
5
Q
The highest legal price than can be charged for a product
A
Price ceiling
6
Q
The lowest legal pride than can be charged for a product
A
Price floor
