Honors Econ: Chapter 6 Prices

A price floor is a ____ price that buyers must pay to buy a product. It must be set ____ equil.

A decrease in D will cause the curve to shift ____, and price will ____ and Quantity will ___.

Which of the following would not cause overall demand to change?

Rent control has become less popular because it....

When there is a shortage, producers raise prices in an attempt to

Higher prices generally.....

A market will stay in equilibrium until..

Subsidies are provided as an incentive for consumers to buy certain goods and services.

Supply can be changed by

Minimum wage is an example of....

An increase in D & a decrease in S, will cause price to ____ and quantity to _____.

The price system is...

Which of the following determinants would not cause overall supply to change?

Which of the following is not true in regard to the equilibrium point.

Companies engage in competitive pricing to...

If S & D bioth decrease but D decreases more, Price will ____ and Quantity will ____.

When exchanges take place in markets, who gains?

Lower prices generally....

The minimum that buyers must pay for a good or service is called

A price that is above  equilibrium will result in a ________, that will force the price to ____

The United States instituted rationing during....

Rationing would most likely result from a...

What do we know for certain when S & D both increase?

There are 2 main forms of disequilibrium that a market can experience.

Suppliers often reduce prices because they.....

Which would result in the equilibrium price going up?

In the price system, incentives encourage producers to act in certain ways consistent with..

Which change would result in equilibrium price falling?

An increase in supply will cause the supply curve to shift to the ___ and price will ___.

A decrease in demand causes equilibrium prices to....