C6S3 - Intervention in the Price System

A price ceiling can cause

• an equilibrium

• rationing

• a shortage

• a surplus

Minimum wage is an example of

• an equilibrium

• rationing

• a price ceiling

• a price floor

A system in which the government allocates goods and services using factors other than price is called

• the black market

• rationing

• subsidizing

• transfer payment

The illegal buying and selling of goods in violation of price controls is called

• the black market

• the equilibrium market

• rationing

• smuggling

The minimum that buyers must pay for a good or service is called

• a price ceiling

• a price equilibrium

• a price floor

• a price ration