Ch. 7 Review

What is the term used for a legal minimum price below which a good or service may not be sold?

Term used by the government to limit items that are in short supply. Used often during major wars.

When quantity supplied and quantity demanded are equal at a set price, this is known as...

Which term explains the amount of goods or services that producers are willing to sell at various prices?

Which of the following is NOT an example of an elastic good?

A new tax is placed on coffee. What factor of supply will affect the market for coffee cups? What happens to the supply?

Ticket scalping is an example of which of these scenarios...

What is the situation in which quantity demanded is greater than the quantity supplied?

3 pizza places are added to compete with Classic and Cottage Inn. This factor of supply is known as...

When price and quantity supplied move in the same direction, this is known as what?

Corn is cheaply added in and used to make tortillas. This factor of supply is known as...

With Coke rising in price, Pepsi becomes an appealing product for consumers. What factor of demand is this?