| A | B |
|---|
| equilibrium price | the price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy |
| shortage | situation in which quantity demanded is greater that the quantity supplied at the current price |
| surplus | situation in which quantity supplied is greater than the quantity demanded at the current price |
| price ceiling | a legal maximum price that may be charged for a particular good or service |
| rationing | the distribution of goods and services based on something other than price |
| black market | "underground" or illegal market in which goods are traded at prices above their legal maximum prices or in which illegal goods are sold |
| price floor | a legal minimum price below which a a good or service may not be sold |
| determinites of supply | price of inputs, firms in the industry, taxes, technology |
