econ chapter 6

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  1. market equilibrium
    quantity product demanded by consumers= the quantity supplied by producers
  2. equilibrium price
    quantity of product demanded by consumers=quantity supplied by producers
  3. equilibrium quantity
    the quantity of a good or service demanded by consumers and supplied by producers when the market is in equilibrium
  4. price floor
    minimun price set by the government to prevent prices form going too low
  5. price ceiling
    a maximum price set by the government to prevent prices from going too high.
  6. disequilibrium
    when the quantity of a product demanded by consumers does not equal the quantity supplied resulting in a shortage or surplus.
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econ chapter 6
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