constant

law of supply the common relationship that a higher price leads to a greater quantity supplied and a lower

price leads to a lower quantity supplied, while all other variables are held constant

normal good a good in which the quantity demanded rises as income rises, and in which quantity demanded

falls as income falls

price what a buyer pays for a unit of the specific good or service

price ceiling a legal maximum price

price control government laws to regulate prices instead of letting market forces determine prices

price floor a legal minimum price

producer surplus the extra benefit producers receive from selling a good or service, measured by the price

the producer actually received minus the price the producer would have been willing to accept

quantity demanded the total number of units of a good or service consumers are willing to purchase at a

given price
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