Econ- 4.4 Formative Assessment- Option 1

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Identify the type of price control pictured (A PRICE CEILING or A PRICE FLOOR); then Identify the type of inefficiency will occur based on the price control you identified (A SURPLUS or A SHORTAGE):



Type of Price Control:​ ​ ​

Select answer

Type of Inefficiency: ​

Select answer

Dropdown

Identify the type of price control pictured (A PRICE CEILING or A PRICE FLOOR); then Identify the type of inefficiency will occur based on the price control you identified (A SURPLUS or A SHORTAGE):



Type of Price Control:​ ​ ​

Select answer

Type of Inefficiency: ​

Select answer

Drag and Drop

The image given is a  Supply and Demand Schedule and a Supply and Demand Graph for Slices of Cheese Pizza.  Use them to help you answer the questions below.



Based on the Supply and Demand Schedule and a Supply and Demand Graph for Slices of Cheese Pizza Above:

a. What is the equilibrium price? ​

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b. What is the quantity demanded & the quantity supplied at the equilibrium price? ​

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Drag these tiles and drop them in the correct blank above

$1.50

$2.00

$1.00

600 Cheese Pizzas

400 Cheese Pizzas

800 Cheese Pizzas

1000 Cheese Pizzas

200 Cheese Pizzas

$0.50

$2.50

Drag and Drop

The image given is a  Supply and Demand Schedule and a Supply and Demand Graph for Slices of Cheese Pizza.  Use them to help you answer the questions below.



 Everything else remaining constant, assume the government sets a Price Control for a Slice of Cheese Pizza at $2.50.

a. What type of Price Control would this be? ​

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b. At a price of $2.50, what is the quantity demanded? ​

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c. At a price of $2.50, what is the quantity supplied? ​

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d. Is there a surplus or shortage of Slices of Cheese Pizza? ​

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e. What is the AMOUNT of the surplus or shortage? ​

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Drag these tiles and drop them in the correct blank above

400 Cheese Pizzas

800 Cheese Pizzas

1000 Cheese Pizzas

200 Cheese Pizzas

Price Ceiling

Price Floor

Surplus

Shortage

Multiple Choice

Based on the Image above, if a city were to decide that the equilibrium price of Rentfor their city’s apartments is too high, which Price (P1, P2 or P3) would be the most effective price at which to set Rent?

• P1

• P2

• P3

Multiple Choice

1. Assume dairy farmers successfully lobby the US Congress and the President to set a price control in the market for Milk that is higher than the current equilibrium price.  

   1. Based on the image above, which Price (P1, P2 or P3) would be the price at which the price of Milk would be set?

   2. AND

   3. 
      What type of price control is being implemented in the market for Milk?

• Shortage; Price Ceiling

• Shortage; Price Floor

• Surplus; Price Ceiling

• Surplus; Price Floor

Multiple Choice

1. Assume dairy farmers successfully lobby the US Congress and the President to set a price control in the market for Milk that is higher than the current equilibrium price.  

   1. Based on the image given, which of the options below would best represent the AMOUNT of the inefficiency you identified in Slide #13.?

• Q2

• Q3 minus Q2

• Q1 minus Q2

• Q3 minus Q1