econ chapter 6

quantity product demanded by consumers= the quantity supplied by producers

quantity of product demanded by consumers=quantity supplied by producers

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

minimun price set by the government to prevent prices form going too low

a maximum price set by the government to prevent prices from going too high.

when the quantity of a product demanded by consumers does not equal the quantity supplied resulting in a shortage or surplus.