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Chapter 6: Prices Flashcards | StudBud
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Chapter 6: Prices
Rent control is a type of
a minimum price for a good or service
Chapter 6: Prices
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StudBud Administration
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106 plays
Economics Equilbrium Price
Flashcards
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Questions
10
Answers
1
a minimum price for a good or service
price ceiling
excess supply
price floor
market demand
2
Rent control is a type of
price floor
surplus
price ceiling
rationing
3
What is it called when the gov't uses some tool other than money to allocate goods?
disequilibrium
resource allocation
rationing
supply management
4
Why did Communist govt's use a command economic system for many years?
limit the costs of production
they did not want consumer sovereignty
avoid difficulties of free market
Create an equal society
5
What happens when the supply of a nonperishable good is greater than the consumer wants to buy?
none of the above
the good becomes a luxury & sesithe price r
either the good remains unsold or the price drops
the good is discarded
6
In a __, 1 organization decides the goods to be produced & sets prices that can be charged.
market based economy
command economy
free market economy
surplus
7
The point at which quantity demanded equals quantity supplied is called
equilibrium
Scarcity
operating cost
Surplus
8
The financial & opportunity costs consumers pay when searching for a good or service
shortage
spillover costs
decreased demand
search costs
9
A sudden shortage of a good
disequilibrium
market entry
rationing
supply shock
10
Which good will have the price go down because of technological improvements?
running shoes
computer printers
typewriters
hard-bound books
