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ECON ch. 6: prices

Authored by Samantha Nichols

Business

9th - 12th Grade

Used 8+ times

ECON ch. 6: prices
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20 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

monetary value of a product

Price

price ceiling

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

system of allocating goods/services without prices

rationing

economic model

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

simplified version of a complex concept, usually in the form of a graph, figure, or diagram

economic model

equilibrium price

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

price where quantity suppled equals quantity demanded

equilibrium price

price ceiling

price floor

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

quantity of output supplied that is exactly equal to quantity demanded

equilibrium price

equilibrium quantity

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

where quantity supplied is less than quantity demanded

surplus

shortage

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

where quantity supplied is greater than quantity demanded

surplus

shortage

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