What is the result of the government implementing a price floor of $60

There would be a surplus of 100 because it is more expensive for consumers

There would be a shortage of 100 since it is cheaper for consumers

There would be a shortage of 100 because it is assisting the suppliers

There would be a surplus of 100 because it is beneficial to consumers

What is a shortage in the market economy?

When the quantity demanded exceeds the quantity supplied

When the price is set below the equilibrium price

When the quantity supplied exceeds the quantity demanded

When the price is set above the equilibrium price

What can lead to a surplus in the market?

A decrease in demand without a corresponding decrease in supply

An increase in demand without a corresponding increase in supply

What is the Diminishing Marginal Utility?

The more you have of something, the less satisfaction you gain from it.

electricity costs less in small cities and more in big cities.

satisfaction increases with quantity not quality.

electricity costs more in small cities and less in big cities.

What does an outward shift of the Production Possibilities Frontier (PPF) indicate?

Increased productive capacity and economic growth.

A shift toward fewer available production choices.

Reduced efficiency and lower economic output.

Decreased productive capacity and economic decline.

The Competitive Market system:

push toward equilibrium, where quantity supplied equals quantity demanded.

push toward surplus, where quantity supplied exceeds quantity demanded.

push toward shortages, where quantity demanded exceeds quantity supplied.

avoid equilibrium, where prices remain fixed despite changes in demand.

Non price determinates of Supply

Input costs, technology, taxes and subsidies, prices of related goods, expectations about future prices, number of sellers, and natural conditions.

Consumer expectations, utility, purchasing power, preferences, market demand, and population.

Product quality, lack of planning, consumer tastes, household wealth, fashion trends, and demographics.

Consumer income, change in weather expectations preferences, population size, advertising, and seasonal demand.

Non price determinates of Demand

expectations about future prices, tastes and preferences, prices of substitutes and complements, Income, population.

Production costs, technology, taxes, government regulations, subsidies, and prices of raw materials.

Number of producers, weather conditions, factory capacity, labor productivity, and inventory levels.

Interest rates, exchange rates, business confidence, imports, and exports, weather conditions, president.

in Economics, complements are

Goods that are consumed together, such as cars and petrol; they have negative cross-price elasticity of demand.

Goods that are consumed independently, such as cars and petrol; they have zero cross-price elasticity of demand.

Goods that replace one another, such as cars and petrol; they have negative cross-price elasticity of demand.

Goods that are consumed together, such as cars and petrol; they have positive cross-price elasticity of demand.

In Economics, substitutes are

Goods that can be used in place of each other.

Goods that are produced using the same resources.

Goods that increase in value when bought together.

Goods that are always purchased together.

Price Controls & Review

Authored by Rachel M Acosta

History

9th - 12th Grade

Used 3+ times

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26 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At market equilibrium there is

a shortage

excess demand

the same amount of supply and demand

a surplus

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium quantity in this graph?

$1.50

$1.00

600

800

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a price floor was set at 320, what quantity would be purchased?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the price of 1.00 there is a

shortage of 200

surplus of 200

shortage of 400

surplus of 400

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An effective price floor must be set above equilibrium, resulting in:

a shortage

a surplus

limited choices

None of the above

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The maximum legal price that can be charged is called a

price ceiling

price floor

price fan

price stair

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Characteristics of equilibrium include

where supply and demand intersect

where QS = QD

no shortage and no surplus

all of these

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