Chapter 6 Economics Review

What affect will a price floor have if it is set above market equilibrium price?

What happens to the EQ quantity when supply increases?

Which term means the maximum legal price set by the government?

Which term means the price where intentions of buyers and sellers match?

Which of the following is not a reason why prices are considered neutral?

This is a system under which an agency such as the government decides everyone's fair share

What is the monetary value of a product established by supply and demand?

Which of the following is not a reason why prices are considered flexible?

What happens to the EQ price when supply increases?

Which term means a certificate allowing  holder to receive a given amount of arationed product?

What is the relationship between price and demand called?

What affect will a price ceiling have if it is set above market equilibrium price?

What drives price to an equilibrium point?

What happens to both EQ price and EQ quantity when demand decreases?

What type of situation exists in market if producers produce goods above the equilibrium point?

This term means the minimum price fixed by the government