
Price Controls Ceilings and Floors
Flashcard
•
Social Studies
•
12th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
When a price ceiling is in place keeping the price below the market price, which is true of the quantity demanded & quantity supplied?
Back
Quantity Demanded is greater
2.
FLASHCARD QUESTION
Front
What is the equilibrium quantity in this graph? Options: $1.50, $1.00, 600, 800
Back
600
3.
FLASHCARD QUESTION
Front
At the price of 1.00 there is a
Back
shortage of 400
4.
FLASHCARD QUESTION
Front
An effective price floor must be set above equilibrium, resulting in:
Back
a surplus
5.
FLASHCARD QUESTION
Front
If the government set the price at $700, would that be a price ceiling or floor?
Back
Price Floor
6.
FLASHCARD QUESTION
Front
If the government set the price at $300, what would be the result?
Back
Shortage of 4,000
7.
FLASHCARD QUESTION
Front
If the government creates a price floor of $80, which one of the following statements is correct? The quantity demanded = 60, The quantity supplied = 180, There is a shortage of 140, There price floor is ineffective
Back
The quantity demanded = 60
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