World Scholars' Cup

black market - ans a secret market in which goods are sold illegally supply - ans a stock of resource from which a person or place can be provided with the necessary amount of that resource demand - ans Consumer willingness and ability to buy products deadweight loss - ans loss of economic efficiency that can occur when equilibrium is not achieved or not achievable Equilibrium - ans A state of balance between supply and demand regulation - ans A rule or directive made and maintained by an authority. perfect competition - ans the situation prevailing in a market in which buyers and sellers are so numerous and well informed that all elements of monopoly are abswnt and the market price of a commodity is beyond the control of individual buyers and sellers. imperfect competition - ans the situation prevailing in a market in which elements of monopoly allow individual producers or consumers to exercise some control over market prices monopoly - ans the exclusive possession or control of the supply or trade in a commodity or service.