Ch #6 Test Economics (A)

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

• Minimum Wage

• Price Ceiling

• Price Floor

• Shortage

the point at which quantity demanded and quantity supplied are equal

• Disequilibrium

• Excess Demand

• Equilibrium

• Excess Supply

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

• Price Floor

• Minimum Wage

• Surplus

• Price Ceiling

when quantity supplied is more than quantity demanded

• Excess Demand

• Disequilibrium

• Equilibrium

• Excess Supply

situation in which quantity demanded is greater than quantity supplied, also known as excess demand

• Surplus

• Shortage

• Excess Demand

• Excess Supply

a price ceiling placed on rent

• Rent Control

• Minimum Wage

• Price Ceiling

• Price Floor

situation in which quantity supplied is greater than quantity demanded, also known as excess supply

• Shortage

• Excess Demand

• Surplus

• Excess Supply

when quantity demanded is more than quantity supplied

• Excess Supply

• Surplus

• Shortage

• Excess Demand

describes any price or quantity not at equilibrium, when quantity supplied is not equal to quantity demanded in a market

• Disequilibrium

• Equilibrium

• Price Ceiling

• Price Floor

a minimum price for a good or service

• Price Floor

• Minimum Wage

• Disequilibrium

• Spillover Costs