Situation in which the quantity demanded is greater than the quantity supplied.

Situation in which the quantity supplied is greater than quantity demanded at the current price.

As the price of a good or service that producers are willing and able to offer for sale during a certain period of time rises (or falls), the quantity of that good or service supplied rises (or falls).

As the price of a good or service that consumers are willing and able to buy during a certain time period rises (or falls) the quantity of that good or service demanded falls (or rises).

Is the price at which the quantity demanded by buyers equals the quantity supplied by sellers also called the market-clearing price. At the equilibrium price every buyer finds a seller and every seller finds a buyer.

A business that one person owns is called a ____________________.

A business that two or more individuals own and operate is known as _____________.

A cost that does not vary depending on production or sales levels is known as____________ _____________.

Business organization that is owned by many people, but is treated by law as though it were a person is known as____________.

Stocks in __________________ are bought and sold in the stock market.

A market or industry is dominated by a small number of sellers

Complete control of the supply and demand of a good or service.

Number of consumers impacts both the supply and demand of a good.

Just because a toy is no longer wanted, does not mean it is not still in demand.

Over supply and under demand help lower the price at the pump.

OPEC is the only producer of oil in the world.

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