Econ U2ch. 3 Prices in Markets

What kind of hand did we focus on this week?

• Translucent
• Opaque
• Invisible
• Fake

What is the best definiton for Price?

• The monetary value of a product
• The happiness or satisfaction a product brings you
• The tag on an item that you want to buy
• The consequence you have because of your actions

Which answer choice best fits the Price Advantage of "Prices being neutral"

• Prices favor neither the producer or the consuer consistently
• Current events like the weather or global issues cause buyers and seller to react and adjust to new price levels
• This advantage happens because Market Economies are full of consumer choices
• The advantage happens because competitive markets tend to find their own balance
• Prices are understood by all

Which answer choice best fits the Price Advantage of "Prices being flexible"

• Prices favor neither the producer or the consuer consistently
• Current events like the weather or global issues cause buyers and seller to react and adjust to new price levels
• This advantage happens because Market Economies are full of consumer choices
• The advantage happens because competitive markets tend to find their own balance
• Prices are understood by all

Which answer choice best fits the Price Advantage of "Freedom of Choice"

• Prices favor neither the producer or the consuer consistently
• Current events like the weather or global issues cause buyers and seller to react and adjust to new price levels
• This advantage happens because Market Economies are full of consumer choices
• The advantage happens because competitive markets tend to find their own balance
• Prices are understood by all

Which answer choice best fits the Price Advantage of "Little Government Involvement"

• Prices favor neither the producer or the consuer consistently
• Current events like the weather or global issues cause buyers and seller to react and adjust to new price levels
• This advantage happens because Market Economies are full of consumer choices
• The advantage happens because competitive markets tend to find their own balance
• Prices are understood by all

Which answer choice best fits the Price Advantage of "Prices are efficient"

• Prices favor neither the producer or the consuer consistently
• Current events like the weather or global issues cause buyers and seller to react and adjust to new price levels
• This advantage happens because Market Economies are full of consumer choices
• The advantage happens because competitive markets tend to find their own balance
• Prices are understood by all

In a Market Economy, who helps determine prices?

• Buyers
• Sellers
• The Government
• Everyone

What is it called when Quantitiy Demanded is equal to Quantity Supplied?

• Equality
• Market Equilibrium
• Market eveness
• Equity

Which answer choice best defines a Surplus?

• Having too much
• Having just enough
• Not having enough