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WorksheetsSupply & Equilibrium
Total questions: 20
Worksheet time: 20mins
The Market Clearing Price is at which point on the graph?
X Axis
Y Axis
Equilibrium
Supply Curve
If the price of a good is too low which of the following will result?
Equilibrium
No effect
Surplus
Shortage
If there is a shortage of beef at Fry's which of the following is the MOST likely to happen?
They will produce more beef
The price will rise
The price will fall
There will be no change
Which of the following is true when there is a surplus of a good?
QS > QD
QS = QD
QS< QD
None of the above
What Market Disequilibrium is created by the government policy of rent control?
Equilibrium
Affordable Housing for all who want it.
Affordable housing surplus
Affordable housing shortage
What market disequilibrium is created by the government policy of minimum wage?
A labor shortage
a labor surplus
economic prosperity for all
market equilibrium for labor
Price gouging laws and rent control laws are examples of which of the following?
Price floor
Market clearing price
Market minimums
Price ceiling
Minimum wage is an example of which of the following
Price floor
Market equilibrium
Market price
Price ceiling
Supply is from the point of view of the____________.
Politician
Consumer
Producer
Individual
Which of the following best describes a subsidy?
Taxes on a consumer to discourage an activity.
Money taken from consumers to encourage an activity.
Money given to a business to encourage an activity.
No money changes hands.
If Audrey wants to buy more candy than the store has available, what should the store do to eliminate this excess demand?
Raise the price
Produce more candy
Just do nothing
Set a maximum limit
If there is an increase in feed prices what will happen to the supply curve for beef?
There will be no change
A shift to the right
We can not determine
A shift to the left
If there is a decrease in sugar prices what will happen to the supply curve for candy?
No change
A shift to the right
A shift to the left
We can not determine
If there is an increase in the price of DVD players what will happen to the supply curve?
It will shift to the left
No change
It will shift to the right
We can not determine
When there is a decrease in the price of DVD players what does change?
The quantity supplied does not change
The quantity demanded does not change
We can not determine
The quantity supplied changes
If there is an improvement in the technology to make hamburgers what will happen to the price of hamburgers supplied?
There will be an increase in price.
No change in price.
There will be a decrease in price.
We can not determine the change.
If Mr. Walsh starts selling pickles to compete with Mr. Caryl Selling pickles what will happen to the supply curve AND the price for pickles?
Shift to the right and decrease in price
Shift to the left and increase in price
Shift to the left and decrease in price
Shift to the right and increase in price
What happens to the quantity supplied when Mr. Walsh AND Mr. Caryl are both selling pickles.
There is no change
The quantity supplied decreases
We can not determine
The quantity supplied increases
Which determinant of supply for cell phones would be affected if the workers were paid 10% more.
Technology
Cost of resources
Number of producers
Availability of resources
If the cost of labor increases what will happen to the price of cell phones?
The cost will decrease
The cost will increase
No change in price
We can not determine
