Section+6+review

1.) The point at which quantity demanded and quantity supplied are equal. Equilibrium 2.) The financial and opportunity costs consumers pay in searching for a good or service. searching cost 3.) A system of allocating scarce goods and services by criteria other than price. rationing 4.) A sudden drop in supply of a good. Shortage 5.) Any situation in which quantity supplied exceeds quantity demanded. Excess supply 6.) Any situation in which quantity demanded exceeds quantity supplied. Excess demand 7.) A government-mandated minimum price that must be paid for a good or service. Price floor