Economics Part VI

shows the points where there is an agreement between the seller and the buyer in the market

PRICES

is a price set by the interaction of supply and demand

Market price

price at which the quantity demanded by consumers and the quantity supplied by producers are the same

Equilibrium price

output level that corresponds to the equilibrium price

Equilibrium quantity

an amount or a quantity in excess of what is needed or demanded

Surplus

an amount or extent of deficiency due to excess demand

Shortage

the maximum selling price it is a government-imposed limit on how high a price can be charged on a product

Ceiling Price

a price support it is a government-imposed limit on how low a price can be charged on a product

Floor Price

Interferes in the market to help the consumers and producers

GOVERNMENT