j Lectures 15 & 16 (Equilibrium & Price Controls))

Gas lines in the 1970s were caused by:

The minimum wage is a ______; if set above equilibrium, it will lead to a ______ of labor, which will increase ______

J. Lebowski opens a 12th pot shop in BR. The supply curve for the devil's lettuce will shift __, driving its price __

Ferris enrollment jumps... for some reason. What happens to demand and price for student housing in BR?

State "price gouging" laws prevented gas prices from rising after Hurricane Sandy hit in 2011. This resulted in:

Why would higher taxes imposed on businesses lead to a leftward shift of the supply curve?

What occurs when the price of a product is held above its "market-clearing" (equilibrium) level?

Teen (16-19 year olds) unemployment in the US is typically about 3 times higher than the overall unemployment rate.

Supply curves usually slope __ because the cost of producing additional units of a product usally __ in the short run.

Which is/ are true about a market equilibrium?

The price of any good moves toward "equilibrium" due to:

If rent controls prevent landlords from charging rents high enough to cover costs, landlords may respond by: