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Chapter 5 Market Clearing Price
| Questions |
Answers |
| The price that balances the amount buyers want to buy with the amount sellers want to sell |
Market Clearing Price |
| How much more of a product buyers want to buy than sellers want to sell at a given price |
Shortage |
| How much more of a product sellers want to sell than buyers want to buy at a given price |
Surplus |
| Allocating something scares among people who want more than is available |
Rationing |
| The amounts sellers want to sell at different possible prices |
Supply |
| The amounts buyers want to buy at different possible prices |
Demand |
| Rivalry among buyers or among sellers |
Competition |
