Which of these might best signal car makers to cut back production?

a drop in the price consumers are willing to pay

The equilibrium price is the price at which

demand and supply curves intersect

Which of the situations best represents equilibrium?

The milk made equals the milk sold.

The purpose of rationing during World War II was to ensure that

everyone could get essential scarce goods.

"Rent control" limits what landlords can charge for rent on apartments. What is the result?

People can find apartments but can't afford them, More people want to rent apartments than are available

Which event in California would most likely shift the supply curve for avocados to the left?

an early frost accompanied by ice storms

Which two of these are also known as the market price?

equilibrium price, market clearing price

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Market Equilibrium

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Multiple choice supply and demand and equilibrium quiz

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Questions 15

Answers

1
A shortage can also be referred to as
a surplus
an equilibrium
an excess demand
an excess supply
2
Which of these might best signal car makers to cut back production?
an increase in availability of skilled workers
an introduction of competitors into the market
a fall in the cost of essential raw materials
a drop in the price consumers are willing to pay
3
How is the market-clearing price determined?
By consumers
By the government
By manufacturers
By trial and error
4
Government jobs programs like the WPA or the ARRA are a response to
a shortage of skills.
a lack of incentives.
an excess of services.
a surplus of workers.
5
If both the supply and demand curves shift equally to the right,
a shortage will result
quantity will increse
price will increase
a surplus will result.
6
The equilibrium price is the price at which
demand and supply curves intersect
neither demand nor supply will shift.
producers' total revenue is highest.
consumers start reducing demand.
7
Which of these actions leads to a black market?
market clearing prices
price ceilings
equilibrium prices
price floors
8
Which of the situations best represents equilibrium?
The price of milk does not change much from week to week.
Everyone who wants milk can afford it.
The milk made equals the milk sold.
Milk production makes good profit for manufacturers.
9
The purpose of rationing during World War II was to ensure that
manufacturers could make a profit.
products would go to those who valued them most.
workers would have an incentive to get jobs.
everyone could get essential scarce goods.
10
New product + low introductory price + successful advertising = ?
rationing
equilibrium
shortage
surplus
11
"Rent control" limits what landlords can charge for rent on apartments. What is the result?
People can find apartments but can't afford them
Houses are made into apartments to meet the demand
More people want to rent apartments than are available
Construction jobs increase building of new apartments
12
Which event in California would most likely shift the supply curve for avocados to the left?
rise of mangos as a popular food item
an influx of new low-wage workers
an early frost accompanied by ice storms
evidence that avocados strengthen bones
13
Which two of these are also known as the market price?
equilibrium price
price ceiling
market clearing price
price floor
14
The most important argument many economists make against price controls is that they are
inefficient
insecure
unfair
unstable
15
If prices are too high, which two will result?
an excess demand
an equilibrium
a surplus
an excess supply

Market Equilibrium Flashcards | StudBud