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6.1 - Combining Supply & Demand Flashcards | StudBud

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Which of the following is a way that government intervenes in the economy

A minimum price for a good or service is a

6.1 - Combining Supply & Demand

10 terms·StudBud Administration·203 plays

Supply and demand

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Questions 10

Answers

1
A minimum price for a good or service is a
rent control
price floor
disequilibrium
price ceiling
2
Which of the following is a way that government intervenes in the economy
price cuts
price levels
price floors
price holds
3
A maximum price that can be charged for a good or service is
price ceiling
price floor
minimum wage
maximum wage
4
Excess supply occurs when
quanity demanded is more that quanity supplied
when any price or quanity is not at equilibrium
quanity supplied is more that quanity demanded
point where quanity supplied is equal to demand
5
Disequilibrium occurs when
quanity supplied is not equal to quanity demanded
quanity supplied is more that quanity demanded
at the point where quanity supplied is equal to demand
quanity demanded is more that quanity supplied
6
If the quanity demanded is 200 units and the quanity supplied is 250 units
excess supply in the market
equilibrium is in the market
a price ceiling in the market
excess demand in the market
7
During the housing crisis of the 1940's,what was used by some governments to prevent inflation?
price floor
price ceiling
price supports
minimum wage
8
Another name for excess demand is
shortage
surplus
price floor
equilibrium
9
All of the following are disadvantages of rent control EXCEPT
it results in lower quality apartment buildings
it encourages discrimintation and bribery
it leaves many customers without housing
it gives landlords an incentive to attract renters
10
When there is excess demand there is a
an equilibrium
disequilibrium
price floor
excess supply