Micro 2.7 CW-Price Controls (Matching to Fill in the Blank)

The coordination that occurs through markets takes place not because of some central plan but because of Adam Smith’s “_____________________________.”

When the quantity that consumers are willing and able to buy equals the quantity that producers are willing and able to sell, that market reaches _____________________________.

A(n) _____________________________ means that producers are willing and able to supply less of a good at every price.

A(n) _____________________________ is a minimum legal selling price.

When a product’s price neither falls nor increases, the price is at _____________________________.

When consumers are willing and able to buy less of the product at every price, the result is a(n) _____________________________.

At a given price, the amount by which quantity demanded exceeds quantity supplied yields a _____________________________.

At a given price, the amount by which quantity supplied exceeds quantity demanded yields a _____________________________.

Markets reduce _____________________________, or the costs of time and information needed to carry out market exchange.

_____________________________ occurs when firms produce the output that is most valued by consumers.