econ quiz chapter 6

the controller distribution of a limited supply of good or service and a means of allocating scarce goods…

• rationing

• communicating

at this point, the quality of a good or service that consumers are willing and able to buy equal the quantity that producers are willing and able to sell. The quantity demand equals the quantity supplied…

• market schedule

• market equilibrium

a minimum price consumers are required to pay for a good or service…

• price floor

• price set

a government imposed legal floor on the hourly wage rate…

• salary

• minimum wage

many people believe these further economic equality and pressure the government to intervene when prices rise and fall rapidly. Politicians are reluctant to repeal them when voters support them…

• price controls

• prices

these convey information to consumers and producers, create incentives to work and produce, allow markets to respond to changing conditions, and allocate scarce resources efficiently…

• labels

• prices

the quantity of a good or service that consumers are willing and able to buy equals the quantity producers are willing and able to sell…

• equilibrium

• balance number

if demand increases, the new equilibrium point will show an increase in quantity sold and this will go up…

• supply

• price