Price System
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KG - University
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12 questions
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1.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
The point at which quantity supplied and quantity demanded are the equal at the same price.
The magic point
Equilibrium point
Market place
Price flx
2.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
A government may institute a price floor, which will likely lead to ________ of a good or service.
a surplus
a shortage
an abundance
an externality
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When someone benefits from the consumption or production of a good or service, but they do not bear the cost.
negative externality
Market equilibrium
positive externality
the invisible hand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In order to reduce shortages, business owners will likely ____ prices.
increase
decrease
set
fix
5.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
In the market/price system, __________ determine the prices of goods and services.
buyers
sellers
buyers and sellers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If supply increases, but demand remains unchanged, which will be the result?
Equilibrium price and quantity will decrease.
Equilibrium price will increase, but quantity will decrease
Equilibrium price will decrease, and eq. quantity will increase
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If demand increases, but supply remains unchanged, which is the result?
Equilibrium price and quantity will increase,
Equilibrium price and quantity will decrease
Equilibrium price will decrease, and quantity will increase.
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