Economics- Prices/Demand/Supply

Question 1

The quantity that balances supply and demand.

Accepted Answer

Equilibrium quantity

Question 2

The price of metal goes down. What will happen to the supply of cars? The curve will move?

Accepted Answer

increase; shift right

Question 3

When a price floor is effective causes a...

Accepted Answer

surplus

Question 4

Where is the price floor located?

Accepted Answer

Above equilibrium

Question 5

A company makes a toy for $7 and sells it for $15. What did the company make in profit?

Accepted Answer

$8

Question 6

Which of the following are complementary goods?

Accepted Answer

peanut butter and jelly

Question 7

If substitutes are easily available and accessible for a product, it has...

Accepted Answer

elastic demand

Question 8

Monthly rent at a strip mall is a...

Accepted Answer

fixed cost

Question 9

The legal maximum price that can be charged for a good.

Accepted Answer

Price ceiling

Question 10

As more units are consumed, the utility from consuming each additional unit will...

Accepted Answer

decreases

Question 11

What will happen if there a decrease in supply?

Accepted Answer

increase in price, decrease in quantity

Question 12

Where is equilibrium quantity and equilibrium price located?

Accepted Answer

Equilibrium point

Question 13

A price floor protects the...

Accepted Answer

Producers

Question 14

Total revenue - _____ = profit

Accepted Answer

total cost

Question 15

The legal minimum price that can be charged for a good.

Accepted Answer

Price floor

Question 16

If the price of printers increases, the demand curve for ink cartridges will...

Accepted Answer

shift left

Question 17

What is it called when supply is greater than demand?

Accepted Answer

Surplus

Question 18

What will happen if there a increase in demand?

Accepted Answer

increase in price, increase in quantity

Question 19

If there is a shortage of a good, which way is the pressure of price going?

Accepted Answer

Upward

Question 20

Where is the price ceiling located?

Accepted Answer

below equilibrium

Question 21

A price ceiling protects the...

Accepted Answer

Consumers

Question 22

The price that balances supply and demand, perfect price to charge for a product.

Accepted Answer

Equilibrium price

Question 23

What is it called when supply equals demand?

Accepted Answer

Equilibrium

Question 24

What is it called when demand is greater than supply?

Accepted Answer

Shortage

Economics- Prices/Demand/Supply

Questions 24

Economics- Prices/Demand/Supply

Questions 24