How Prices Work
The monetary value of a product ...
Answer: price.
Simplified version of a complex concept or behavior expressed in the form of a graph, figure, equation, or diagram ...
Answer: economic model.
The highest legal price that can be charged for a product ...
Answer: price ceiling.
System of allocating goods and services without prices ...
Answer: rationing.
Price when quantity supplied equals quantity demanded; price that clears the market ...
Answer: equilibrium price.
The lowest legal price that can be paid for a product ...
Answer: price floor.
Fuel made from wood, peat, municipal solid waste, straw, corn, tires, landfill, gases, fish oils, and other waste ...
Answer: biofuels.
Quantity of output supplied that is exactly equal to the quantity demanded at the equilibrium price ...
Answer: equilibrium quantity.
Price floor for agricultural products set by the government to stabilize farm prices ...
Answer: target price.
Leader of Cuba from 1959 to 2008 ...
Answer: Fidel Castro (1926-2016).
Situation where quantity supplied is greater than quantity demanded at a given price ...
Answer: surplus.
Loan that carries neither penalty nor further obligation to repay ...
Answer: non-recourse loan.
OAPEC petroleum embargo ...
Answer: 1973 oil crisis.
Situation where quantity supplied is less than quantity demanded at a given price ...
Answer: shortage.
President of the U.S., 1969-74 (resigned) ...
Answer: Richard M. Nixon (1913-1994).