ECON FINAL PT 4

___ occurs when quantity supplied is equal to the quantity demanded

• Shortage

• Price equilibrium

• A supply shift

• A demanded shift

The ___ holds that other things equal, as the price of a good or service rises, its quantity demanded falls.

• Shortage

• Surplus

• The law of supply

• The law of demand

Which of the following would NOT be a factor causing a shift in the demand curve

• Consumer preferences

• Population change

• Increasing in factory production

• Change in consumer income

The __ holds that other things equal, as the price of a good rises, its quantity supplied will rise, and vice versa.

• Surplus

• The law of supply

• The law of demand

• Shortage

Which of the following is/are considered a complementary good for an iPhone?

• Google Play Gift Card

• Samsung Galaxy

• Apple Watch

• Nintendo Switch

Which of the following has an important government-regulated price floor?

• A) Apartment Prices

• B) Minimum Wage

• C) Credit cards interest rates

• D) Both A&B

Which of the following has an important government-regulated price ceiling

• A) Apartment Prices

• B) Minimum Wage

• C) Credit card interest rates

• D) Both A&B

A __ occurs when quantity supplied exceeds quantity demanded

• Surplus

• Price ceiling

• Price Floor

• Shortage

A ___ occurs when quantity demanded exceeds quantity supplied

• Price Floor

• Surplus

• Shortage

• Price ceiling