1
Upper limit on the quantity of a good that can be bought or sold
2
The lost gains associated with transaction that do not occur due to market intervention
3
A rise in income decreases the demand for a good
4
Legal restrictions on how high or low a market price may go
5
The maximum price sellers are allowed to charge for a good or service
6
Goods that in some way serve a similar function; therefore, a rise in the price of one results in a rise in the demand for the other
7
Quantity demanded for a good or service is equal to the quantity supplied
8
Goods that in some sense are consumed together; therefore, a rise in the price of one results in a decline in the demand for the other
9
The minimum price buyers are required to pay for a good or service
10
A rise in income increases the demand for a good
11
The quantity demanded for a good or service exceeds the quantity supplied
12
The earnings that accrue to the license holder from ownership of the right to sell the good
13
The quantity supplied of a good or service exceeds the quantity demanded
14
An economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service
15
The quantity of a good or service a consumer is both willing and able to buy at a range of prices
Crear