Chapter 6

Question 0

Describes any price or quantity not at equilibrium

Answer 0

Disequilibrium

Question 1

The point at which quantity demanded and quantity supplied are equal

Answer 1

Equilibrium

Question 2

When quantity demanded is more than quantity supplied

Answer 2

Excess Demand

Question 3

When quantity supplied is more than quantity demanded

Answer 3

Excess Supply

Question 4

A maximum price that can be legally charged for a good or service

Answer 4

Price Ceiling

Question 5

A price ceiling placed on rent

Answer 5

Rent Control

Question 6

A minimum price that an employer can pay a worker for an hour of labor

Answer 6

Minimum Wage

Question 7

Situation in which quantity supplied is greater than quantity demanded; also known as excess supply

Answer 7

Surplus

Question 8

The financial and opportunity costs consumers pay when searching for a good or service

Answer 8

Search Costs

Question 9

A sudden shortage of a good

Answer 9

Supply Shock

Question 10

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

Answer 10

Rationing

Question 11

A market in which goods are sold illegally

Answer 11

Black Market