If a price ceiling of 2 dollars were to be implemented, what would happen?

quantity demanded > quantity supplied, shortage

What is market equilibrium

when quantity supplied and demanded meet

What is NOT an example of diminishing marginal utility

a pen runs out of ink so a student buys another one

If D1 shifted to D2, what would happen to the shift?

price would increase a dollar and quantity increase by 10

If there was a recent natural disaster, what could be a possible result?

decrease in supply for apple juice

Which of the following is NOT a role price plays in the economy

decrease motivation for incentives

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Supply and Demand Test

20 termsStudBud Administration336 plays

How does supply and demand affect our market?

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Questions 20

Answers

1
A price floor on harvested goods could result in
excess demand, surplus
excess supply, shortage
excess demand, shortage
excess supply, surplus
2
What are the two conditions for demand and supply
interest
willingness
prestige
ability
3
What is the relationship between price and quantity on a supply curve?
Inverse
Acute
Obtuse
Direct
4
During wartime, governments often implement rationing in order to
decrease hostility from the citizens
hoard the goods for the government officials
increase demand for the good
allocate resources evenly
5
If prices were set too low, what would result?
rationing
equilibrium
shortage
surplus
6
Which good is not really affected by a price change?
elastic good
plastic good
stubborn good
inelastic good
7
What is the relationship between price and quantity on a demand curve?
Acute
Direct
Inverse
Obtuse
8
If a price ceiling of 2 dollars were to be implemented, what would happen?
quantity supplied > quantity demanded, surplus
quantity supplied > quantity demanded, shortage
quantity demanded > quantity supplied, shortage
quantity demanded > quantity supplied, surplus
9
Determine the market equilibrium price and quantity for Lines S and D1
$4, 30 quantity
$3, 40 quantity
$3, 30 quantity
$4, 30 quantity
10
What is the market equilibrium price?
7,000
6,000
3
4
11
Which is most likely to happen to demand for Adidas shoes after James Harden’s new commercial
demand curve gets wider
demand curve shifts left
demand curve gets steeper
demand curve shifts right
12
What is market equilibrium
when everyone is happy with the price and quantity
when consumers get what they want
when producer get what they want
when quantity supplied and demanded meet
13
What is NOT an example of diminishing marginal utility
a pen runs out of ink so a student buys another one
a child sucking on a lollipop buys 5 more
a student using a calculator does not need three more
one who owns a movie won't have use in buying the same copy
14
If D1 shifted to D2, what would happen to the shift?
price would increase by 4 and quantity increase by 40
price would increase a dollar and quantity increase by 10
price would decrease by 3 and quantity decrease by 30
price would decrease a dollar and quantity decrease by 10
15
A sharp drop in the price of burgers may lead to an increase in demand for
Chicken
Coleslaw
Buns
Relish
16
If there was a recent natural disaster, what could be a possible result?
decrease in demand for apples
increase in supply for orange juice
increase in demand for gasoline
decrease in supply for apple juice
17
If there is a surplus as shown in the graph, what led to this result?
price floor, excess supply
price floor, excess demand
price ceiling, excess demand
price ceiling, excess supply
18
If the prices were set too high what would result
surplus
rationing
shortage
equilibrium
19
Which of the following is NOT a role price plays in the economy
allocate scarce resources
convey information
decrease motivation for incentives
allow markets to respond to change
20
A price ceiling on rent can result to
excess supply, surplus
excess demand, shortage
excess demand, surplus
excess supply, shortage

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