amount of a good a producer is willing to make for sale

The law of demand says

Consumers will buy less when prices increase

not enough of a good to meet demand

A producer will cause a shortage, if

the price of a good is set too low

A price ceiling is when

the government sets a maximum price for a good

The law of supply says

producers will supply more when prices increase

When the producer and the consumers agree on a price

the amount of a good consumers are willing to buy

A price floor is when

The government sets a minimum price for a good

A producer will cause a surplus, if

the price of a good is set too high

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Econ - Supply and Demand

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Econ

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Questions 16

Answers

1
Supply is
amount of a good a producer is willing to make for sale
when the government sets a maximum price for a good
not enough of a good to meet demand
when the producer and the consumer both accept a price
2
The law of demand says
Producers will supply more when prices decrease
Producers will supply more when prices increase
Consumers will buy more when prices increase
Consumers will buy less when prices increase
3
At the equilibrium price, the producer
none of the above
has a surplus of goods
has a shortage of goods
has no surplus or shortage
4
Supply and demand determine
The price of a good or service
All of the Above
All goods produced
Needs and wants
5
shortage is:
too many goods; extra goods that couldn't be sold
not enough of a good to meet demand
when the government set a maximum price for a good
when the producer and consumers both agree on price
6
A producer will cause a shortage, if
the price is set at equilibrium point
the price of a good is set too high
none of the above
the price of a good is set too low
7
A price ceiling is when
the government sets a maximum price for a good
the government allows the market to decide the price
the government sets a minimum price for a good
all of the above
8
When the producer and the consumers both accept and agree on a price.
Shortage
Price Floor
Equilibrium Price
Supply
9
On a supply and demand graph, one can find the equilibrium price by locating
where demand and supply cross
only the demand curve
only the supply curve
the title of the graph
10
When the government sets a maximum price for a good
Surplus
Price Ceiling
Shortage
Supply
11
The law of supply says
consumers will buy less when prices increase
producers will supply more when prices deacrease
producers will supply more when prices increase
consumers will buy more when prices decrease
12
Equilibrium price is
When there is a surplus
When the producer and the consumers agree on a price
When there is a shortage
When there is a both a surplus and shortage
13
Demand is:
the amount of a good a producer is willing to make for sale
too many goods; extra goods that couldn't be sold
the amount of a good consumers are willing to buy
when the producer and the consumer both agree on a price
14
A price floor is when
The government sets a minimum price for a good
All of the above
The government allows the market to decide price of a good
The government sets a maximum price for a good
15
too many goods; extra goods that could be sold (at original pricing)
Price Ceiling
Surplus
Shortage
Price Floor
16
A producer will cause a surplus, if
the price of a good is set too low
the price is set at equilibrium point
the price of a good is set too high
none of the above

Econ - Supply and Demand Flashcards | StudBud