Price Controls/Surpluses/Shortages

What is the equilibrium price in this market?

• $3.50

• $4.00

• $2.50

• $1.00

If Tostitos decides to sell their chips for $1.50...

• 2 bags are demanded

• 4 bags are demanded

• 1 bag is demanded

• 12 bags are demanded

If Tostitos decides to sell their chips for $1.50

• 2 bags are supplied

• 4 bags are supplied

• 1 bag is supplied

• 12 bags are supplied

If Tostitos sells their chips for $1.50 there is a...

• Surplus

• Shortage

• Equilibrium

• Price Floor

Overtime if tostitos sells its chips for $1.50 prices will...

• Rise

• Fall

• Stay the Same

If the government tell Tostitos they cannot sell their chips for more than $1.50 this is a

• Price Floor

• Price Ceiling

• Equilibrium

• Surplus

Rent Control is an example of a..

• Price Floor

• Price Ceiling

• Surplus

• Equilibirum

If Tostitos sells their chips for $3.50 there will be...

• Equilibrium

• A surplus

• A shortage

• A price ceiling

If the government tells Tostitos they cannot sell their chips for less than $3.50 it is a...

• Price floor

• Price Ceiling

• Equilibrium

• Shortage

A price floor is an attempt to help...

• Producers

• Consumers

• The Government

• Workers