Chapter 6 & 7 Vocabulary

2. the financial and opportunity costs consumers will pay when searching for a good or service
3. a price ceiling placed on rent
4. a minimum price for a good or service
6. when quantity supplied is more than quantity demanded
8. a government issued right to operate a business
9. a system of allocating scarce goods and services using criteria other than price
11. the ability of a company to change process and output like a monopolist
12. if the market price or quantity supplied is anywhere but at the equalibrium
14. factors that cause a producer's average cost per unit to fall as output rises
18. a sudden shortage of a good
20. costs of production that affect people who have no control over how much of a good is produced
21. a market structure in which a large number of firms all produce the same product
22. a monopoly created by the government
24. quantity supplied is greater than quantity demanded
26. a product that is the same no matter who produces it, such as notebook paper, or milk

1. a maximum price that can be legally charged for a good or service
5. a market dominated by a single seller
7. expenses a firm must pay before it can begin to produce and sell goods
10. a market that runs most efficiently when one large firm supplies all of the output
13. a market structure that does not meet the conditions of perfect competition
15. the right to sell a good or service within an exclusive market
16. any factor that makes it difficult for a new firm to enter a market
17. a market in which goods are sold illegally
19. a minimum price that an employer can pay a worker for an hour of labor
23. the point at which quantity supplied and quantity demanded are equal
25. quantity demanded is greater than quantity supplied