Ecoch6,8, and 11

Front

When the selling price of a good goes up, what is the relationship to the quantity supplied?

Back

It becomes practical to produce more goods.

Front

What factor has the greatest influence on elasticity and inelasticity of supply?

Back

time

Front

If the supply of a good is inelastic,

Back

producers will not change their quantity supplied by much if the market price doubles.

Front

Which of the following is an example of government influence on supply? law of supply, marginal costs, subsidies, market supply curve

Back

subsidies

Front

What happens when wages are set above the equilibrium level by law?

Back

Firms employ fewer workers than they would at the equilibrium wage.

Front

On which kinds of goods do governments generally place price ceilings? Options: those that are cheap but could become more expensive without the ceiling, those that are not necessary but have become customary, those that are essential and cheap, those that are essential but too expensive for some consumers

Back

those that are essential but too expensive for some consumers

Front

When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

Back

equilibrium

Front

What happens to a market in equilibrium when there is an increase in supply?

Back

Quantity supplied will exceed quantity demanded, so the price will drop.

Front

What is it called when the government uses some tool other than money to allocate goods?

Back

rationing

Front

What is the name of the smallest amount that can legally be paid to most workers for an hour of work?

Back

minimum wage