Prices Review

Free markets are influenced by the invisible ________ according to Smith.

A price floor would occur ________ the equilibrium price point.

Adam Smith wrote this in 1776.

An example of a price floor would be the:

The law of demand says as price goes up, quantity demanded goes...

If the government limits the supply of goods the consumer can obtain, that's...

The price system means that producers and consumers share a common...

Price floors create artificial...

If a product is illegal to buy, you may have to turn to this to get it.

When might a society turn to rationing?  During a...

An example of a price ceiling would be:

A surplus of labor in the labor market results in...

Price floors and price ceilings are examples of price controls set by:

A price ceiling would occur ____________ the equilibrium price point.

Supply and Demand meet at a point called:

What typically causes the supply curve to shift right, causing the equilibrium price to drop?

Excess demand could be described as the market being in a state of:

Prices serve as ______ for producers/consumers.

Prices below equilibrium cause:

This is an example of imperfect competition

Suppliers respond to surpluses by...

Marginal cost is the cost of _______ one more unit.

Prices above equilibrium cause:

When producers create a surplus, they store the extra goods as...