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When a price ceiling is in place keeping the price below the market price, which is true of the quantity demanded & quantity supplied: Quantity Demanded is greater. An effective price floor must be set above equilibrium, resulting in:: a surplus. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . If the government set the price at $300, what would be the result: Shortage of 4,000. If the government creates a price floor of $80, which one of the following statements is correct: . If the government creates a price ceiling of $30, which one of the following statements is correct: There is a shortage of 100. If the Market price is $50,, which of the following is True of Quantity Supplied and Quantity Demanded: . What would result if the price were set at $1.75: Surplus, Quantity Supplied is greater. A review of the jargon: Is the minimum wage a “price ceiling” or a “price floor: price floor. A review of the jargon: Is rent control a “price ceiling” or a “price floor?”: price ceiling. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. Suppose the government sets a price ceiling of $80. How large will the shortage be: 4 million coats. Suppose again that the government sets a price ceiling of $80 and that people line up to get this good. For how long will people wait in line to obtain a coat if they value their time at $10 an hour: 4 hours. Price ceiling is a legal maximum price for a product. : True. Price ceiling is located above the equilibrium price. : False

Price ceiling is located above the equilibrium price. : False. Price ceiling is a legal maximum price for a product. : True. If the Market price is $50,, which of the following is True of Quantity Supplied and Quantity Demanded: . Which of the following is an argument supporting an increase to the minimum wage: Wages have not kept pace with increases in worker productivity.. the lowest legal price that can be paid for a product: price floor. If the government creates a price ceiling of $30, which one of the following statements is correct: There is a shortage of 100. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . What would result if the price were set at $1.75: Surplus, Quantity Supplied is greater. A _______ _______ is an unincorporated business that has just one owner: sole proprietorship. An ___________ is when a few companies have significant control over a given market: oligopoly. Shortages, lower quality goods, and increased search costs, are all associated with: Price ceilings. The image here is an example of a ________, which causes a _________: Price Floor: Surplus. A ________ is a business entity that is owned by its shareholders: corporation. Price when quantity supplied equals quantity demanded; a price that clears the market: Equilibrium Price

This part of the market determines DEMAND: buyers. This part of the market determines SUPPLY: sellers. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. When quantity supplied and quantity demanded is equal: equilibrium. If a price is above equilibrium price, it creates a..: surplus. If a price is below the equilibrium price it creates a..: shortage. What does this curve represent: supply. What could cause the shift from D1 to D2: A change in preferences. This graph represents...: Changes in demand. The point in the middle of the two curves represents or shows....: Market Equilibrium. Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges: The price will go up.. Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons: The price will go down.. New technology advances the rate at which furniture can be assembled. Why does this change the supply: There is a change in cost of production.. Which statement expresses a central idea of how the laws of supply and demand work: Prices are determined by the interaction of producers and consumers.. When companies compete in a market economy, what is usually the result: Consumers are able to buy goods for the best available price.. If the price of a substitute to good X increases, then: The demand for good Y will increase. . If the demand for X decreases, then the demand for the complementary good Y will..: Decrease. When the supply of a product or service goes up and the demand stays the same the Price will typically do what? : fall. Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? : The demand for tickets was greater than the supply.. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. What is the equilibrium quantity in this graph: 600. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . Change in quantity demanded due to a change in price that alters a consumers real income : income effect . In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly: inelastic. When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly: elastic