ECONOMICS CHAPTER 6 DEMAND SUPPLY AND PRICES

Question 1

THE PRICE AT WHICH THE QUANTITY DEMANDED IS EQUAL TO THE QUANTITY SUPPLIED.

Accepted Answer

EQUILIBRIUM PRICE

Question 2

GOVERNMENT SYSTEM FOR ALL ALLOCATING GOODS AND SERVICES OTHER THAN PRICE

Accepted Answer

RATIONING

Question 3

CONSUMER INCOME...INCREASE OR DECREASE IN DEMAND (REMEMBER NORMAL OR INFERIOR GOODS)

Accepted Answer

DEMAND

Question 4

INPUT COST... THE COST OF A PART OF THE PRODUCT

Accepted Answer

SUPPLY

Question 5

THE POINT AT WHICH THE QUANTITY DEMAND IS EQUAL TO THE QUANTITY SUPPLIED

Accepted Answer

MARKET EQUILIBRIUM

Question 6

THE AREA IN WHICH THE QUANTITY SUPPLIED IS LESS THAN THE QUANTITY DEMAND (THE BOTTOM OF THE X)

Accepted Answer

SHORTAGE

Question 7

GOVERNMENT ACTIONS... TAXES ON PRODUCT WILL LOWER SUPPLY.

Accepted Answer

SUPPLY, SUPPLY

Question 8

ILLEGAL BUYING AND SELLING IN VIOLATIONS OF PRICE CONTROL OR RATIONING

Accepted Answer

BLACK MARKET

Question 9

MARKET SIZE... AN INCREASE UN THE NUMBER OF BUYERS WILL INCREASE THE DEMAND

Accepted Answer

DEMAND, DEMAND

Question 10

THE AREA IN WHICH THE QUANTITY SUPPLIED IS GREATER THAN THE QUANTITY DEMAND (THE TOP OF THE X)

Accepted Answer

SURPLUS

Questions 10