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Supply and demand and Equilibrium

Authored by William Ormerod

Social Studies

9th - 12th Grade

Used 10+ times

Supply and demand and Equilibrium
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34 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Point at which supply and demand come together

price ceiling
excess demand
equilibrium
disequilibrium

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Legal maximum that can be charged for a good.

price ceiling
excess demand
equilibrium
disequilibrium

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the government controlled price ceiling on apartment prices called?

floor pricing
rent control
equilibrium level
rent monitoring

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the government sets a price floor on earned income, it is called which of the following?

market equilibrium rate
base-level wage
minimum wage
employment guarantee

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does the government place price ceilings on some "essential" goods?

to prevent inflation during to reduce supply for these goods
to keep business people from making large profits
to keep the goods from becoming too expensive
to reduce demand for these goods

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quantity supplied exceeds quantity demanded at a certain price.

shortage
fad
search costs
surplus

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quantity demanded exceeds quantity supplied at a certain cost

shortage
fad
search costs
surplus

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