Economics: Markets, Equilibrium, and Prices

Question 1

A movie starts wearing wearing camouflage clothing among their fans. What is the demand shifter

Accepted Answer

consumer taste

Question 2

This is often used to control rent prices, preventing them from rising too high

Accepted Answer

price ceiling

Question 3

When there is a shortage of pop, Coca Cola might raise prices in an attempt to

Accepted Answer

equalize the quantity supplied and demanded

Question 4

Illegal market where goods are traded at prices or quantities higher than those set by law

Accepted Answer

black market

Question 5

Point where quantity demanded equals quantity supplied

Accepted Answer

market equilibrium

Question 6

Which of the following are government actions?

Accepted Answer

excise tax, regulation, subsidy

Question 7

During which war was rationing last used.

Accepted Answer

World War II

Question 8

The Price at which the quantity demanded equals the quantity supplied

Accepted Answer

equilibrium price

Question 9

The maximum amount sellers may charge for a good or service is called

Accepted Answer

price ceiling

Question 10

Types of government intervention on price would include

Accepted Answer

all of them

Question 11

A factory closes, laying of worker, and consumer spending in town falls. What is the shifter

Accepted Answer

income

Question 12

On a Market demand and supply graph, the horizontal axis shows

Accepted Answer

quantity

Question 13

Consumers are switching from traditional telephones to wireless. What is the shifter

Accepted Answer

substitutes

Question 14

On a Market demand and supply graph, the vertical line shows what?

Accepted Answer

prices

Question 15

When the supply of a good matches the demand for it.

Accepted Answer

equilibrium quanity

Question 16

What is a measurement of how responsive to price consumers are

Accepted Answer

elasticity of demand

Question 17

What is the outcome when the number of producers of a product rises?

Accepted Answer

increase in supply

Question 18

The result of a producer not able to meets the needs of a group

Accepted Answer

shortage

Question 19

When too few consumers are willing to pay what producers are asking for their goods this occurs

Accepted Answer

surplus

Question 20

A decrease in demand causes equilibrium prices to

Accepted Answer

fall

Question 21

The desire to have a good and the ability to pay for it

Accepted Answer

demand

Question 22

This occurs when supply and demand do not equal

Accepted Answer

disequilibrium

Question 23

An oil company might reduce prices because they

Accepted Answer

have a surplus of oil

Economics: Markets, Equilibrium, and Prices

Questions 23

Economics: Markets, Equilibrium, and Prices

Questions 23