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- 1. Multiple Choice
When a price ceiling is in place keeping the price below the market price, which is true of the quantity demanded & quantity supplied?
Quantity Demanded is greater
Quantity Supplied is greater
Quantity Demanded equals Quantity supplied
- 2. Multiple Choice
What is the equilibrium quantity in this graph?$1.50$1.00600800 - 3. Multiple ChoiceAt the price of 1.00 there is ashortage of 200surplus of 200shortage of 400surplus of 400
- 4. Multiple ChoiceAn effective price floor must be set above equilibrium, resulting in:a shortagea surpluslimited choicesNone of the above
- 5. Multiple ChoiceIf the government set the price at $700, would that be a price ceiling or floor?Price CeilingPrice FloorNeither
- 6. Multiple ChoiceIf the government set the price at $300, what would be the result?Surplus of 4,000Surplus of 2,000Shortage of 4,000Shortage of 2,000
- 7. Multiple ChoiceIf the government creates a price floor of $80, which one of the following statements is correct?The quantity demanded = 60The quantity supplied = 180There is a shortage of 140There price floor is ineffective
- 8. Multiple ChoiceIf the government creates a price ceiling of $30, which one of the following statements is correct?The quantity demanded = 60The quantity supplied = 160There is a surplus of 100There is a shortage of 100
- 9. Multiple Choice
If the Market price is $50,, which of the following is True of Quantity Supplied and Quantity Demanded
quantity demanded = 120
quantity supplied = 120
quantity demanded = 120 & quantity supplied =120
quantity demanded = quantity supplied
- 10. Multiple Choice
What would result if the price were set at $1.75
Surplus, Quantity Supplied is greater
Shortage, Quantity Demanded is greater
Quantity Supplied = Quantity Demanded
$1.75
- 11. Multiple Choice
In a free market, the price would be
$10
$8
$6.
$4
- Answer choicesTagsAnswer choicesTags