Chapter+6+Review

1. equilibrium 2. search costs 3. rationing 4. supply shock 5. excess supply 6. shortage 7. price floor 9. If not another people buy the product you will have too much product which will lead to disequilibrium 10. Government sets price floor and price ceiling. 11. If i is too low then it can lead to not enough revenue. 12. prices are a language becaus ethey dictate everything else like how much people would buy etc. 13. As the demand goes up prices go up because more people want the poduct. 14. The rent control laws sent a minimum so you can make money off rent. Helps price equilibrium. 15. Computers are free to search on. 16. You have to pick what is necessary because some prices might be too high.