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Econ Chapter 6

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Question
Answer
show market equilibrium  
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the price at which the quantity demanded equals the quantity supplied   show
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show budget surplus  
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show shortage  
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a situation in which quantity supplied and quantity demanded are not in balance   show
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show competitive pricing  
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a benefit offered to encourage people to act in a certain way   show
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an established maximum price that sellers may charge for a product   show
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an established minimum price that buyers must pay for a product   show
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show minimum wage  
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show rationing  
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the illegal business of buying or selling goods or services in violation of price controls or rationing   show
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