Prices in Economics

If the demand is low, the price will be

• High

• Low

The government controls the prices in this type of economy

• Traditional

• Market

• Command

• Mixed

The citizens control the prices in this type of economy

• Traditional

• Market

• Command

• Mixed

If the demand is high, the price will be

• High

• Low

The study of how individuals and societies use their scarce resources to get goods and services.

• economics

• producer

• demand

• competition

Competition can lead to a _________ in prices.

• increase

• decrease

The government decides the answers to the "three big questions". They decide what will be produced, how it will be produced, and what the price will be.

• specialization

• market economy

• command economy

• consumer

When the price of a product decreases, the demand for the product?

• increases

• decreases

• stays the same

competition between companies (shifts prices of goods/services)

• bartering

• scarcity

• free enterprise

• economics

What is the term for the maximum price that can be legally charged for a good or service?

• Price floor

• Price ceiling

• Equilibrium price

• Market price