1. What is the equilibrium price?

2. What is a surplus?

3. What is a shortage?

4. Why are prices sometimes fixed?

5. What is a price ceiling?

1. a state in which opposing forces or influences are balanced.

2. an amount of something left over when requirements have been met; an excess of production or supply over demand.

3. a state or situation in which something needed cannot be obtained in sufficient amounts.