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
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