ECON - Unit 3B Question Preview (ID: 61965)


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The quantity a seller is willing and able to sell at each price... is called:
a) supply
b) demand
c) a determinant
d) ####

Due to the law of supply, as the price of a good increases:
a) the quantity of the good will also increase
b) the quantity of the good will decrease
c) the quantity of the good will be stagnant
d) ####

As the supply curve shifts to the right:
a) there is an increase in supply
b) there is a decrease in supply
c) the price and quantity are unaffected
d) ####

The number of sellers, producer expectations, and increases in productivity are all:
a) determinants in supply
b) price ceilings
c) prices floors
d) ####

The market clearing price is also known as:
a) the equilibrium price
b) the resource market
c) the productivity market
d) circular flow

The equilibrium price occurs at:
a) the intersection of the supply and demand curves
b) the price ceiling
c) the price floor
d) ####

Each time the supply or demand curve shifts:
a) there is a new equilibrium price
b) the equilibrium prices stays the same
c) ###
d) ####

The price ceiling is the maximum price:
a) below the equilibrium price
b) above the equilibrium price
c) ###
d) ####

The price floor is the minimum price:
a) above the equilibrium price
b) below the equilibrium price
c) ###
d) ####

Having a price ceiling usually leads to:
a) a shortage
b) a surplus
c) ###
d) ####

Having a price floor typically leads to:
a) a surplus
b) a shortage
c) ###
d) ####

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