Prices

Food Prices

• $3.49

• $3.28

• $5.19

• $4.68

Food Prices

• $4.19

• $4.48

• $5.59

• $2.68

The monetary value of a product established by supply and demand

• ration

• coupon

• price

• worth

Prices are ____________ because they favor neither the producer nor the consumer.

• comprehensive

• unrealistic

• controlled

• neutral

A maximum legal price that can be charged for a product

• price floor

• price wall

• price table

• price ceiling

The lowest legal price that can be paid for a good or service

• price floor

• price wall

• price table

• price ceiling

The price floor for agricultural products set by the government to stabilize farm income

• bushel price

• commodity price

• hardship price

• target price

The concept of 'price elasticity' in economics refers to how much the quantity demanded of a good responds to a change in its price. Which of the following is an example of a product with high price elasticity?

• A) Salt

• B) Gasoline

• C) Luxury cars

• D) Insulin

What is the term for a situation where the government sets a price below the equilibrium price, leading to a shortage?

• A) Price floor

• B) Price ceiling

• C) Price control

• D) Price support

Which of the following is a consequence of setting a price floor above the equilibrium price?

• A) Shortage

• B) Surplus

• C) Equilibrium

• D) Deflation