The cost of cotton went down to produce T-shirts, what happens to price and quantity?

Price decrease, Quantity increase

Which will result in a decrease in a market clearing price?

An increase in supply with no change in demand

Price of Gatorade goes down, what happens to the price and quantity of Powerade?

Price decrease, Quantity decrease

Amount sellers want to sell at alternative prices

The price of hamburgers goes up, what happens to the price and quantity for French fries?

Price decrease, Quantity decrease

A surplus of a product in economics means:

The price is above market clearing

In a free enterprise economy, the market clearing price is determined by:

Voluntary exchange between buyers and sellers

No one wants to buy light up tennis shoes, what happens to price and quantity?

Price decrease, Quantity decrease

The input costs goes up on making ice cream, what happens to price and quantity?

Price increase, Quantity decrease

There is an increase in supply, what happens to the Market clearing price and quantity?

Price decrease, Quantity increase

Amount buyers want to buy at alternative prices

All the Pizza Huts shut down in Fort Wayne, what happens to the price and quantity?

Price increase, Quantity decrease

Everyone wants to buy hula hoops, what happens to the Market clearing price and quantity?

Price increase, Quantity increase

The Government adds a tax to cars, what happens to price and Quantity?

Price increase, Quantity decrease

How do consumers signal to businesses that they want more of a product?

They bid up the product's price

The supply of chicken is reduced, what happens to the market clearing price and quantity?

Price increase, Quantity decrease

Ten more DQ's open up in Fort Wayne, what happens to the Market clearing price and quantity?

Price decrease, Quantity increase

studbud

Market Clearing Marks

30 termsStudBud Administration860 plays

Imported from external platform

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Government set price for apartment in NYCity at $800 mo.Market clears $1300 mo.What will happen
Shortage of rental units
Ther will be more rental space available
There will be a surplus of rental units
Nothing, it is non-binding
2
The cost of cotton went down to produce T-shirts, what happens to price and quantity?
Price increase, Quantity decrease
Price decrease, Quantity increase
Price decrease, Quantity decrease
Price increase, Quantity increase
3
If the Government keeps the price of ice cream below its market clearing level, then:
B. Price becomes ineffective in rationing
Both A and C
A. Producers would have less incentive to produce it
C. There will be a shortage of ice cream
4
A shortage of a product in economics means:
Government has set a floor below market clearing
The price is at market clearing
The price is above market clearing
Price is below market clearing
5
To eliminate a surplus you:
Use non-price determinants
Keep price level over time
Lower the price
Raise the price
6
Which will result in a decrease in a market clearing price?
An equal decrease in both supply and demand
An increase in demand with no change in supply
An increase in supply with no change in demand
An equal increse in both supply and demand
7
Market competition pushes a price down toward its market clearing level.Which best describes it
Competition between buyers and sellers
Competition among sellers
Competition between sellers and government
Competition among buyers
8
Price of Gatorade goes down, what happens to the price and quantity of Powerade?
Price decrease, Quantity decrease
Price decrease, Quantity increase
Price increase, Quantity decrease
Price increase, Quantity increase
9
Supply is the:
Amount sellers want to sell at a price
Amount sellers want to sell at alternative prices
Amount sellers want to buy at alternative prices
Amount buyers want to buy at alternative prices
10
The price of hamburgers goes up, what happens to the price and quantity for French fries?
Price increase, Quantity increase
Price decrease, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity decrease
11
A surplus of a product in economics means:
Government has set a ceiling above market clearing
The price is above market clearing
The price is below market clearing
The price is at market clearing
12
In a free enterprise economy, the market clearing price is determined by:
Big businesses
Voluntary exchange between buyers and sellers
Government laws
Judicial branch
13
No one wants to buy light up tennis shoes, what happens to price and quantity?
Price decrease, Quantity decrease
Price increase, Quantity decrease
Price increase, Quantity increase
Price decrease, Quantity increase
14
A shortage is eliminated how?
Lower price
Raise price
Keep price level over time
Use non-price determinants
15
The input costs goes up on making ice cream, what happens to price and quantity?
Price increase, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity increase
Price decrease, Quantity decrease
16
If the government places a wage floor above its market clearing,what will likely result?
Shortage of workers
Businesses will hire more workers
Nothing happens
Surplus of workers
17
There is an increase in supply, what happens to the Market clearing price and quantity?
Price increase, Quantity decrease
Price increase, Quantity increase
Price decrease, Quantity decrease
Price decrease, Quantity increase
18
For years the government kept price of milk above its market clearing level. This resulted in:
Shortages of milk
Increased milk production
Non change in milk production
Surpluses of milk
19
Market competition pushes a price up toward its market clearing level.Which best describes that
Competition among sellers
Competition among buyers
Competition between sellers and government
competition between buyers and sellers
20
Demand is the:
Amount buyers want to buy at a price
Amount sellers want to sell at a price
Amount buyers want to buy at alternative prices
Amount buyers want to sell at alternative prices
21
All the Pizza Huts shut down in Fort Wayne, what happens to the price and quantity?
Price decrease, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity decrease
Price increase, Quantity increase
22
Everyone wants to buy hula hoops, what happens to the Market clearing price and quantity?
Price decrease, Quantity decrease
Price decrease, Quantity increase
Price increase, Quantity increase
Price increase, Quantity decrease
23
The Government adds a tax to cars, what happens to price and Quantity?
Price decrease, Quantity decrease
Price increase, Quantity decrease
Price decrease, Quantity increase
Price increase, Quantity increase
24
Market clearing prices perform tasks in a free enterprise economy. Which is one of those tasks?
Ration goods and services
Provide information on wants and producers costs
All of the above
Provide incentives for people to produce goods and services
25
How do consumers signal to businesses that they want more of a product?
They urge govenment to jpass laws to increase production
They increase a product's supply
They bid up the product's price
They complain on talk shows
26
The supply of chicken is reduced, what happens to the market clearing price and quantity?
Price increase, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity increase
Price decrease, Quantity decrease
27
When supply and demand are equal for a product,
Item is scarce
Market is cleared
Product's price falls
Product's price rises
28
Minimum price for beef is $2.00 per lb.set by government, market clears $2.25 lb. What happens?
surplus of beef
Shortage of beef
nothing, it is non-binding
Cattle ranchers leave the market
29
When the quanity supplied equals the quanity demanded the result is
Price Ceiling
Price Floor
Market Clearing
Surplus
30
Ten more DQ's open up in Fort Wayne, what happens to the Market clearing price and quantity?
Price decrease, Quantity decrease
Price increase, Quantity decrease
Price increase, Quantity increase
Price decrease, Quantity increase

Market Clearing Marks Flashcards | StudBud

Market Clearing Marks

30 termsStudBud Administration860 plays

Imported from external platform

Flashcards30 cardsFPractice quizPHost liveL

Questions 30

Answers

1
Government set price for apartment in NYCity at $800 mo.Market clears $1300 mo.What will happen
Shortage of rental units
Ther will be more rental space available
There will be a surplus of rental units
Nothing, it is non-binding
2
The cost of cotton went down to produce T-shirts, what happens to price and quantity?
Price increase, Quantity decrease
Price decrease, Quantity increase
Price decrease, Quantity decrease
Price increase, Quantity increase
3
If the Government keeps the price of ice cream below its market clearing level, then:
B. Price becomes ineffective in rationing
Both A and C
A. Producers would have less incentive to produce it
C. There will be a shortage of ice cream
4
A shortage of a product in economics means:
Government has set a floor below market clearing
The price is at market clearing
The price is above market clearing
Price is below market clearing
5
To eliminate a surplus you:
Use non-price determinants
Keep price level over time
Lower the price
Raise the price
6
Which will result in a decrease in a market clearing price?
An equal decrease in both supply and demand
An increase in demand with no change in supply
An increase in supply with no change in demand
An equal increse in both supply and demand
7
Market competition pushes a price down toward its market clearing level.Which best describes it
Competition between buyers and sellers
Competition among sellers
Competition between sellers and government
Competition among buyers
8
Price of Gatorade goes down, what happens to the price and quantity of Powerade?
Price decrease, Quantity decrease
Price decrease, Quantity increase
Price increase, Quantity decrease
Price increase, Quantity increase
9
Supply is the:
Amount sellers want to sell at a price
Amount sellers want to sell at alternative prices
Amount sellers want to buy at alternative prices
Amount buyers want to buy at alternative prices
10
The price of hamburgers goes up, what happens to the price and quantity for French fries?
Price increase, Quantity increase
Price decrease, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity decrease
11
A surplus of a product in economics means:
Government has set a ceiling above market clearing
The price is above market clearing
The price is below market clearing
The price is at market clearing
12
In a free enterprise economy, the market clearing price is determined by:
Big businesses
Voluntary exchange between buyers and sellers
Government laws
Judicial branch
13
No one wants to buy light up tennis shoes, what happens to price and quantity?
Price decrease, Quantity decrease
Price increase, Quantity decrease
Price increase, Quantity increase
Price decrease, Quantity increase
14
A shortage is eliminated how?
Lower price
Raise price
Keep price level over time
Use non-price determinants
15
The input costs goes up on making ice cream, what happens to price and quantity?
Price increase, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity increase
Price decrease, Quantity decrease
16
If the government places a wage floor above its market clearing,what will likely result?
Shortage of workers
Businesses will hire more workers
Nothing happens
Surplus of workers
17
There is an increase in supply, what happens to the Market clearing price and quantity?
Price increase, Quantity decrease
Price increase, Quantity increase
Price decrease, Quantity decrease
Price decrease, Quantity increase
18
For years the government kept price of milk above its market clearing level. This resulted in:
Shortages of milk
Increased milk production
Non change in milk production
Surpluses of milk
19
Market competition pushes a price up toward its market clearing level.Which best describes that
Competition among sellers
Competition among buyers
Competition between sellers and government
competition between buyers and sellers
20
Demand is the:
Amount buyers want to buy at a price
Amount sellers want to sell at a price
Amount buyers want to buy at alternative prices
Amount buyers want to sell at alternative prices
21
All the Pizza Huts shut down in Fort Wayne, what happens to the price and quantity?
Price decrease, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity decrease
Price increase, Quantity increase
22
Everyone wants to buy hula hoops, what happens to the Market clearing price and quantity?
Price decrease, Quantity decrease
Price decrease, Quantity increase
Price increase, Quantity increase
Price increase, Quantity decrease
23
The Government adds a tax to cars, what happens to price and Quantity?
Price decrease, Quantity decrease
Price increase, Quantity decrease
Price decrease, Quantity increase
Price increase, Quantity increase
24
Market clearing prices perform tasks in a free enterprise economy. Which is one of those tasks?
Ration goods and services
Provide information on wants and producers costs
All of the above
Provide incentives for people to produce goods and services
25
How do consumers signal to businesses that they want more of a product?
They urge govenment to jpass laws to increase production
They increase a product's supply
They bid up the product's price
They complain on talk shows
26
The supply of chicken is reduced, what happens to the market clearing price and quantity?
Price increase, Quantity increase
Price increase, Quantity decrease
Price decrease, Quantity increase
Price decrease, Quantity decrease
27
When supply and demand are equal for a product,
Item is scarce
Market is cleared
Product's price falls
Product's price rises
28
Minimum price for beef is $2.00 per lb.set by government, market clears $2.25 lb. What happens?
surplus of beef
Shortage of beef
nothing, it is non-binding
Cattle ranchers leave the market
29
When the quanity supplied equals the quanity demanded the result is
Price Ceiling
Price Floor
Market Clearing
Surplus
30
Ten more DQ's open up in Fort Wayne, what happens to the Market clearing price and quantity?
Price decrease, Quantity decrease
Price increase, Quantity decrease
Price increase, Quantity increase
Price decrease, Quantity increase