Copy of 3rd S24 Chapter 6 Test Prices

Front

The highest legal price that can be charged is the

Back

price ceiling

Front

The monetary value of a good or service is the

Back

price

Front

The lowest legal price that can be charged is the

Back

price floor

Front

What is the term for the price ceiling used to control the price of housing?

Back

rent control

Front

What is the term for "the smallest amount that can legally be paid to most workers for an hour?"

Back

minimum wage

Front

Price floor the government sets as a "fair price"

Back

target price

Front

price at which the quantity supplied equals the quantity demanded

Back

equilibrium price

Front

What occurs when the quantity demanded is greater than the quantity supplied at a given price? Options: equilibrium quantity, equilibrium price, shortage, surplus

Back

shortage

Front

quantity supplied is greater than the quantity demanded at a given price

Back

surplus

Front

graph that illustrates behavior regarding both supply and demand

Back

economic model