Supply And Demand Vocab

3. situation in which quantity supplied is greater than quantity demanded
5. a market that runs most efficiently when one large firm supplies all of the output
6. situation where a good or service is unavailable
10. a product that is the same no matter what who produces it
13. a monopoly created by the government
14. the ability of a company to change prices and output like a monopolist
17. a system of allocating scarce goods
18. when quantity demanded is more than quantity supplied
19. a market structure in which a large number of firms all produce the same product
20. a market structure that does not meet the conditions of perfect competition

1. the expenses a firm must pay before it can begin to produce and sell goods
2. the point at which quantity demanded and quantity supplied are equal
4. a sudden shortage of a good
7. a license that gives the inventor of a new product the exclusive right to sell it for a certain period of time
8. the right to sell a good/service within an exclusive market
9. market dominated by a single seller
11. a minimum price that an employer can pay a worker for an hour of labor
12. the financial and opportunity costs consumers pay when searching for good/service
15. a market in which goods are sold illegally
16. describes any price or quantity not at equilibrium