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Prices (w/Demand & Supply) Flashcards | StudBud
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Prices (w/Demand & Supply)
Prices (w/Demand & Supply)
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An #economics quiz to help with #prices #demand #supply
Flashcards
12 cards
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Practice quiz
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Questions
12
Answers
1
Check sent to producers to make up the diff btwn actual market price & target price
rent control
nonrecourse loan
deficiency payment
price
2
when quantity supplied is greater than quantity demanded at a given price
shortage
market equilibrium
surplus
price
3
The set amount charged for agricultural products
deficiency payment
target floor
price floor
target price
4
when prices are relatively stable, and quantity supplied is equal to quantity demanded
surplus
price
market equilibrium
shortage
5
At a given price, a surplus occurs when
the quantity demanded is more than the quantity supplied
the quantity demanded is the same as the quantity supplied
the quantity supplied is less than the quantity demanded
the quantity supplied is greater than the quantity demanded
6
The federal minimum wage law demonstrates
market equilibrium
government intervention to ensure the equilibrium price
the function of equilibrium price in a competitive market
a societal choice for economic equity over efficiency
7
Lowest legal amount that can be paid to workers
maximum wage
shortage
minimum wage
surplus
8
In a market economy, a high price is a signal for
producers to supply more and consumers to buy less
producers to supply less and consumers to buy more
producers to supply less and consumers to buy less
government to intervene to protect consumers
9
When quantity demanded is greater than quantity supplied
deficiency payment
price
surplus
shortage
10
monetary value of a product as decided by supply & demand
quantity
supply
demand
price
11
What does every seller like to see
price ceiling
price floor
an impulse buyer
surplus
12
System under which a government agency decides fair shares
market equilibrium
price system
rationing
shortage
