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- 1. Multiple ChoicePoint at which supply and demand come togetherprice ceilingexcess demandequilibriumdisequilibrium
- 2. Multiple Choice
When quantity demanded is more than quantity supplied
price ceiling
shortage
equilibrium
surplus
- 3. Multiple Choice
When quantity supplied and quantity demanded are not equal
price ceiling
excess demand
equilibrium
disequilibrium
- 4. Multiple ChoiceLegal maximum that can be charged for a good.price ceilingexcess demandequilibriumdisequilibrium
- 5. Multiple ChoiceWhat is the government controlled price ceiling on apartment prices called?floor pricingrent controlequilibrium levelrent monitoring
- 6. Multiple ChoiceWhy does the government place price ceilings on some "essential" goods?to prevent inflation during to reduce supply for these goodsto keep business people from making large profitsto keep the goods from becoming too expensiveto reduce demand for these goods
- 7. Multiple ChoiceWhen quantity supplied exceeds quantity demanded at a certain price.shortagefadsearch costssurplus
- 8. Multiple ChoiceWhen quantity demanded exceeds quantity supplied at a certain costshortagefadsearch costssurplus
- 9. Multiple ChoiceEquilibrium in a market means which of the following?the point at which quantity supplied and quantity demanded are the samethe point at which unsold goods begin to pile upthe point at which suppliers begin to reduce prices
- 10. Multiple ChoiceA situation in which resources are distributed according to pricerationingblack marketsupply shockfree market
- 11. Multiple Choice
At which price is equilibrium?$1.00$1.25$1.50$1.75 - 12. Multiple ChoiceAt which quantity does supply and demand reach equilibrium?500600700800
- 13. Multiple ChoiceThis part of the market determines DEMANDbuyerssellerssuppliersstore owners
- 14. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 15. Multiple ChoiceFor the law of demand, as price rises, what happens to quantity demanded?it goes upit goes downit stays the sameit is not effected
- 16. Multiple ChoiceWhat does this curve represent?supplyequilibriumdemandsurplus
- 17. Multiple ChoiceThousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?Prices or availability of substitutesPrices or availability of complementary goodsChange in the weather or seasonChange in the number of buyers
- 18. Multiple ChoiceGoods that are bought and used together arecomplementary goodssubstitute goodsincome goodsunrelated goods
- 19. Multiple ChoiceThe diagram represents aincrease in demanddecrease in demandchange in quantity demandnone of the above
- 20. Multiple ChoiceWhich of the following is likely to increase the demand for peanut butter?Fewer children in the populationNews that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.A big increase in the price of jelly.A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
- 21. Multiple ChoiceWhich of the following would not shift the supply curve for iphones?an increase in the price of iphonesa decrease in the number of sellers of iphonean increase in the price of plastic, an input into the production of iphonesan improvement in the technology used to produce iphones
- 22. Multiple ChoiceThe diagram represents a(n)increase in supplydecrease in supplychange in quantity suppliednone of the above
- 23. Multiple ChoiceAssume the image is showing the market for apples. Which of the headlines could indicate the pictured shift is occurring in the market?Pesticides on apples linked to mouth cancer.Storms destroy apple orchards.An apple a day really does keep the doctor away.New genetic strain leads to apple trees that produce twice as many apples.
- 24. Multiple Choice
According to the laws of supply and demand, when will companies produce more of a product?
When the price people will pay for it goes down
When demand decreases
When they can sell it for a higher price
When the economy turns downward
- 25. Multiple Choice
If the price of hamburgers rise, but the price of hot dogs remains the same, which are suppliers more likely to supply?
Hamburgers
Hot dogs
- Answer choicesTagsAnswer choicesTags