The Price System

If the price of baseball games decrease, the demand for peanuts and crackerjack will decrease.

• True
• False

A price ceiling is the highest price the government will allow to be charged for a product. 

• True
• False

If there is a surplus in the market, the price is likely to...

• increase.
• decrease.
• fluctuate.
• stay the same.

A decrease in demand will result in...

• an increase in equilibrium price and a decrease in equilibrium quantity.
• a decrease in equilibrium price and a decrease in equilibrium quantity.
• an increase in equilibrium price and quantity.
• a decrease in equilibrium price and quantity. 

An increase in supply will result in...

• an increase in equilibrium price and a decrease in equilibrium quantity.
• a decrease in equilibrium price and an increase in equilibrium quantity.
• an increase in equilibrium price and quantity.
• a decrease in equilibrium price and quantity. 

The graph for cars now when consumers expect prices to decrease in the future.

• A

• B

• C

• D

The graph for McDonald's "chicken" nuggets when workers start working instead of Snapchat.

• A
• B
• C
• D

The graph for bread when the price of flour increases.

• A
• B
• C
• D

The graph for Sprite when the price of 7up increases.

• A
• B
• C
• D

The graph for consumer goods at a big box retail store when a new neighborhood is built next to the store.

• A
• B
• C
• D