Across
- 3. an established minimum price that buyers must pay for a good or service.
- 4. when there is an imbalance between quantity demand and quantity supplied.
- 5. and services are illegally bought and sold in violation of price controls or rationing.
- 6. the minimum legal price that an employer may pay a worker for one hour of work.
- 8. a situation in which the quantity demanded of a good or service at a particular price is equal to the quantity supplied at that price.
- 9. a system in which the government allocates goods and services using factors other than price.
- 10. the result of quantity demanded being greater than quantity supplied, usually because prices are too low.
- 11. the result of quantity supplied being greater than quantity demanded, usually because prices are too high.
- 12. a way to encourage people to take a certain action.
Down
- 1. an established maximum price that sellers may charge for a good or service.
- 2. occurs when producers sell goods and services at prices that best balance the twin desires of making the highest profit and luring customers away from rival producers.
- 7. the price at which the quantity of a product demanded by consumers and the quantity supplied by producers are equal.