Which of these might best signal car makers to cut back production?

a drop in the price consumers are willing to pay

The equilibrium price is the price at which

demand and supply curves intersect

"Rent control" limits what landlords can charge for rent on apartments. What is the result?

More people want to rent apartments than are available, People can find apartments but can't afford them

The purpose of rationing during World War II was to ensure that

everyone could get essential scarce goods.

Which two of these are also known as the market price?

equilibrium price, market clearing price

Which event in California would most likely shift the supply curve for avocados to the left?

an early frost accompanied by ice storms

Which of the situations best represents equilibrium?

The milk made equals the milk sold.

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Duplicate of Market Equilibrium

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Multiple choice supply and demand and equilibrium quiz #economics #supplyanddemand

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Questions 15

Answers

1
A shortage can also be referred to as
an excess demand
an excess supply
a surplus
an equilibrium
2
If prices are too high, which two will result?
an excess demand
an excess supply
a surplus
an equilibrium
3
Which of these might best signal car makers to cut back production?
a fall in the cost of essential raw materials
a drop in the price consumers are willing to pay
an introduction of competitors into the market
an increase in availability of skilled workers
4
The equilibrium price is the price at which
consumers start reducing demand.
demand and supply curves intersect
neither demand nor supply will shift.
producers' total revenue is highest.
5
Which of these actions leads to a black market?
price floors
price ceilings
market clearing prices
equilibrium prices
6
How is the market-clearing price determined?
By trial and error
By the government
By manufacturers
By consumers
7
"Rent control" limits what landlords can charge for rent on apartments. What is the result?
More people want to rent apartments than are available
Houses are made into apartments to meet the demand
People can find apartments but can't afford them
Construction jobs increase building of new apartments
8
Government jobs programs like the WPA or the ARRA are a response to
an excess of services.
a shortage of skills.
a surplus of workers.
a lack of incentives.
9
The purpose of rationing during World War II was to ensure that
products would go to those who valued them most.
workers would have an incentive to get jobs.
manufacturers could make a profit.
everyone could get essential scarce goods.
10
Which two of these are also known as the market price?
price floor
price ceiling
equilibrium price
market clearing price
11
New product + low introductory price + successful advertising = ?
rationing
shortage
equilibrium
surplus
12
The most important argument many economists make against price controls is that they are
insecure
unstable
unfair
inefficient
13
Which event in California would most likely shift the supply curve for avocados to the left?
an influx of new low-wage workers
evidence that avocados strengthen bones
rise of mangos as a popular food item
an early frost accompanied by ice storms
14
Which of the situations best represents equilibrium?
The price of milk does not change much from week to week.
Milk production makes good profit for manufacturers.
The milk made equals the milk sold.
Everyone who wants milk can afford it.
15
If both the supply and demand curves shift equally to the right,
a surplus will result.
price will increase
quantity will increse
a shortage will result

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