market equilibrium The point at which the quantity of a product demanded by consumers in a market equals the quantity supplied by producers.
equilibrium price The price at which the quantity of a product demanded by consumers equals the quantity supplied by producers.
equilibrium quantity The quantity of a good or service demanded by consumers and supplied by producers when the market is in equilibrium.
price controls Government-imposed limits on the prices that producers may charge in the market.
price floor A minimum price set by the government to prevent prices from going too low. Minimum wage laws set a price floor for wages paid to workers.
price ceiling A maximum price set by the government to prevent prices from going too high. Rent control laws set a price ceiling on the amount of rent a landlord can charge a tenant.
rationing The controlled distribution of a limited supply of a good or service.
black market An illegal market in which goods are traded at prices or in quantities higher than those set by law.