Supply And Demand Question Preview (ID: 32769)


Economics. TEACHERS: click here for quick copy question ID numbers.

Which of the following is known as the minimum price that the government establishes by law?
a) price ceiling
b) price floor
c) none of the answers
d)

Personal likes and dislikes affect the _____________ of a good or service.
a) demand
b) supply
c) elasticity
d)

The line on a _____________ curve usually moves upward and to the left.
a) demand
b) supply
c) none of the answers
d)

Market demand schedules are more beneficial to producers than individual demand schedules.
a) False
b) True
c) None of the answers
d)

Consumers will demand substitute goods due to...
a) price decrease
b) price increase
c) prices remaining the same
d)

When the quantity demanded for a good is ___________, it means the demand for the product is affected by price changes.
a) inelastic
b) elastic
c) none of the answers
d)

Demand for gasoline is inelastic .
a) True
b) False
c) none ot the answers
d)

The line on a supply curve moves
a) downward and to the right
b) upward and to the left
c) upward and to the right
d)

A ____________ demand schedule shows the demand for all consumers.
a) individual
b) market
c) none of the answers
d)

As prices decreases, consumers will buy more of the good. This is called...
a) law of supply
b) law of economics
c) law of demand
d)

The demand for the product is not affected by an increase in price is called...
a) inelastic
b) elastic
c) none of the answers
d)

The government will establish a price ceiling in order to ensure consumers are able to purchase their needs.
a) False
b) True
c) none of the answers
d)

When a market is in disequilibrium, the quantity demanded and the quantity supplied are equal.
a) False
b) True
c) None of the answers
d)

When there is a shortage, _____________ is a method of distributing goods by using a other system than pricing.
a) price ceiling
b) rationing
c) price floor
d)

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