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Supply&Demand + Price Ceiling/Floor Flashcards | StudBud
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Supply&Demand + Price Ceiling/Floor
Supply&Demand + Price Ceiling/Floor
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Answers
1
As Price decreases....
supply increases
demand decreases
demand increases
nothing happens
2
What is an example of a government imposed price control?
Groceries
Bowling
Rent
Gasoline
3
As Supply Decreases =
Q Increases,P Decreases
Q+D no change
Q:Decreases,P:Increases
Q+D both decrease
4
If both demand and supply increase, what happens to the price?
no change
price decreases
price increases
Price Increases a lot
5
If both supply and demand increase, what must happen?
Price: no change
Price Increases
Quantity Increases
Marginal Cost Increases
6
For a price ceiling to be effective, it must be set below the natural market equilibrium?
False
True
7
What happens when a price ceiling is set?
nothing happens
A surplus occurs
demand decreases
A shortage occurs
8
Who would benefit the most from Price Floors?
Chefs
Minimum Wage Workers
Artists
Farmers
