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Price ceiling and Price floor review Flashcards | StudBud
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Price ceiling and Price floor review
Price ceiling and Price floor review
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Answers
1
The Law of Supply states that quantity supplied negatively correlates with price change.
True
False
2
The equilibrium price is when quantity supplied equals quantity demanded.
False
True
3
What would happen to this market if there was a price floor of $16?
Shortage 600
Shortage 400
Surplus 400
Surplus 600
4
What is Mr. Mathis's favorite college football team?
Ohio State Buckeyes
Auburn Tigers
Georgia Bulldogs
Florida Gators
5
If the Demand curve is increasing, which direction does it shift?
Right
Left
6
What would happen to this market if there was a price floor of $18?
Shortage 800
Surplus 200
Surplus 800
Shortage 200
7
What would happen to this market if there was a price ceiling of $12?
Shortage 200
Shortage 400
Surplus 200
Surplus 400
8
What would happen to this market if there was a price ceiling of $10?
Shortage 700
Surplus 800
Shortage 800
Surplus 700
9
Which one of the following is an example of a Price floor?
$200 minimum on the sell of a PlayStation 4.
$10 maximum on a bottle of coke.
$ 2 maximum on a pack of gum.
Government regulating the maxmium that can be charged for an apartment.
10
Which one of the following is an example of a Price Ceiling?
The minimum amount a Falcons football ticket can cost.
Maximum amount a movie theater can charge for a movie ticket.
The government saying that $100 is the minimum a speeding ticket can be.
Minimum wage
