Microeconomics Review B

Front

Suppose the government sets the price for chocolate bars at $2.00. Which of the following statements best describes the effect of this price control? There would be a surplus of 400 chocolate bars. There would be a shortage of 200 chocolate bars. The price would remain at equilibrium.

Back

There would be a surplus of 400 chocolate bars.

Front

Suppose the government sets the price for chocolate bars at $0.80. Which of the following statements best describes the effect of this price control? There would be a surplus of 100 chocolate bars. There would be a shortage of 200 chocolate bars. The price would remain at equilibrium.

Back

There would be a shortage of 200 chocolate bars.

Front

Jamie owns an auto repair shop. Which option will NOT change the supply curve?
Consumers in the area decide they want their oil changed instead of having their tires rotated.
Jamie has to pay her workers a higher wage.
Technology advances for oil changes.
The number of auto repair shops in her area

Back

Consumers in the area decide they want their oil changed instead of having their tires rotated.