T2-2018 U3: Prices and Markets Review

Collective Bargaining involves discussions between a Management group and a ____ group

With Supply staying the same, if Demand goes up, the price will go ______

Surplus

Price Floor

Equilibrium Quantity = When Quantity Supplied equals Quantity Purchased

All of these could be a part of Collective Bargaining EXCEPT:

By putting a Price Ceiling on, QD will be ___ and QS will be ____ than equil. based on this:

If a freeze in Florida destroys much of the citrus crop, prices of oranges will:

Main way the government generates revenue:

Article I Section 8 of the US constitution allows for the taxation of citizens

If prices are allowed to adjust, they will serve as signals for both consumers and firms

If Chipotle supplies 50 burritos to be sold at $2 and 100 people show up, there is a burrito __

It is legal for a single firm to take advantage of their control of a marketplace in the US

Shortage

Equilibrium Price =

Competitive markets DO NOT allocate resources efficiently

Strategy used by management to force workers to work at the contract the management wants

Price Ceiling

Which of these would most likely be paid for by your local government?

Proportional Tax

Purely competitive markets are very common in the world's economies

State/Local governments get most of their revenue from money transfers from the Fed. Government

A surplus tells a firm they need to ______ their prices

When a firm has a shortage, they should _____ the price of that good

If the Demand for a product goes down, its equilibrium price will:

Because of the high demand for and low supply of Super Bowl commercials, the equilibrium price

Progressive Tax

Regressive Tax

If a price is above the equilibrium price, that price will cause a _______

With demand staying the same, if the supply of a product goes up, the price will go