Prices

When quantity supplied is greater than quantity demanded

How does rationing encourage black markets?

Business conducted without regard for government controls

During WWII, the U.S. used rationing to

A sudden shortage of a good

A product that reflects the impact of advertising on consumer behavior

Which of the following could cause the supply curve of a good to shift to the right?

When quantity demanded is more than quantity supplied

The price ceiling that was used to control the price of housing in NYC was called

Point at which quantity demanded equals quantity supplied

Legal maximum that can be charged for a good

Dividing up goods and services without regard to prices

What is the government's goal in buying excess crops?

Motivation to sell based on potential profit

If a baker's supply of bread exceeds the demand for bread, he should

The quantity of goods a company has on hand

How might a firm respond to a higher demand for its goods?

When quantity demanded is more than quantity supplied

The costs consumers pay in looking for a good or service

Resources are distributed according to price

When quantity supplied is not equal to quantity demanded

The market's first response to a decrease in supply

When is a market at equilibrium?

Adam Smith wrote that producers are motivated to provide goods people need by the

Government-set price floor on earnings