End of Micro Y1

What am I when changes in price encourage buyers and sellers to change the quantity they buy and sell. A rise in price encourages buyers to purchase less and sellers to produce more; and vice versa.

• Signalling function of the price mechanism

• Incentive function of the price mechanism

• Rationing function of the price mechanism

What am I when changes in price lead to more or less being produced, so increasing or limiting the quantity demanded by buyers.

• Signalling function of the price mechanism

• Incentive Function of the price mechanism

• Rationing function of the price mechnanism

What am I when changes in price give information to buyers and sellers which influence their decisions to buy and sell.

• Signalling function of the price mechanism

• Incentive function of the price mechanism

• Rationing function of the price mechanism

What am I?

• Excess Demand

• Excess Supply

• Minimum price

• Maximum price

What am I?

• Excess Supply

• Excess Demand

• Shift in Demand

The shaded area pointed to is Consumer Surplus

• True

• False

What am I?

• A is factors of supply and B is factors of Demand

• A is factors of PED and B is factors PES

• A is factors of demand and B factors of supply

What am I?

• A is determinants of PED and B is determinants of PES

• A is determinants of PES and B is determinants of PED

• A is determinants of Supply and B is determinants of Demand

Which one of the following is correct?

• Minimum Price is set below the equilibrium price - price ceiling

• Maximum Price is set above the equilibrium price - price floor

• Minimum Price is set above the equilibrium price - price floor

Which one of the following is correct?

• ignore this option

• ignore this option

• Minimum Price is set above the equilibrium price - price floor

• Maximum Price is set below the equilibrium price - price ceiling

• Maximum Price is set above the equilibrium price - price floor