
Price Floors and Market Effects

Interactive Video
•
Mathematics, Business, Social Studies
•
9th - 12th Grade
•
Hard

Patricia Brown
FREE Resource
Read more
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of a price floor in a market?
To ensure maximum profit for producers
To prevent prices from falling below a certain level
To increase consumer demand
To eliminate market competition
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a price floor affect the market equilibrium?
It prevents the market from reaching equilibrium
It lowers the equilibrium price
It raises the equilibrium price
It has no effect on the equilibrium
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when there is excess supply in the market due to a price floor?
Prices increase to clear the surplus
The government buys the surplus
Consumers purchase more to clear the surplus
Producers reduce production to clear the surplus
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is consumer surplus affected by the introduction of a price floor?
It decreases significantly
It remains unchanged
It becomes negative
It increases significantly
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the effect of a price floor on producer surplus?
It becomes zero
It decreases
It remains the same
It increases
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can the area of producer surplus be calculated?
By using the formula for a circle
By using the formula for a trapezoid
By using the formula for a rectangle
By using the formula for a triangle
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is deadweight loss in the context of a price floor?
The gain in producer surplus
The total loss of surplus that no one receives
The loss of producer surplus
The loss of consumer surplus
Create a free account and access millions of resources
Similar Resources on Wayground
11 questions
Economics Insights Through Real-World Scenarios

Interactive video
•
9th - 12th Grade
11 questions
Understanding Externalities and Market Interventions

Interactive video
•
10th Grade - University
11 questions
Market Equilibrium Insights Through Real-World Examples

Interactive video
•
9th - 12th Grade
11 questions
Understanding the Hamburger Market and Taxation

Interactive video
•
10th - 12th Grade
6 questions
Comparative Advantage: ACDC Econ

Interactive video
•
11th Grade - University
11 questions
Impact of Tariffs and Trade

Interactive video
•
10th - 12th Grade
11 questions
Economic Concepts and Principles Assessment

Interactive video
•
9th - 12th Grade
6 questions
Micro Unit 6, Question 7- Negative Externality

Interactive video
•
11th Grade - University
Popular Resources on Wayground
15 questions
Hersheys' Travels Quiz (AM)

Quiz
•
6th - 8th Grade
20 questions
PBIS-HGMS

Quiz
•
6th - 8th Grade
30 questions
Lufkin Road Middle School Student Handbook & Policies Assessment

Quiz
•
7th Grade
20 questions
Multiplication Facts

Quiz
•
3rd Grade
17 questions
MIXED Factoring Review

Quiz
•
KG - University
10 questions
Laws of Exponents

Quiz
•
9th Grade
10 questions
Characterization

Quiz
•
3rd - 7th Grade
10 questions
Multiply Fractions

Quiz
•
6th Grade