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- Q 1/21Score 0the monetary value of a product29shortageeconomic modelpricesurplus
21 questions
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- Q1the monetary value of a productshortageeconomic modelpricesurplus30s
- Q2system of allocating goods and services without pricesprice ceilingtarget priceequilibrium quantityrationing30s
- Q3a simplified version of a complex concept or behavior expressed in the form of an equation, graph, figure, or diagramtarget pricesurplusequilibrium priceeconomic model30s
- Q4price where quantity supplied equals quantity demandedeconomic modelequilibrium quantityequilibrium priceprice floor30s
- Q5quantity of output supplied that is exactly equal to the quantity demandedequilibrium priceequilibrium quantitypricerationing30s
- Q6situation where quantity supplied is greater than quantity demanded at a given priceshortageequilibrium quantitytarget pricesurplus30s
- Q7situation where quantity supplied is less than quantity demanded at a given priceequilibriumsurpluspriceshortage30s
- Q8the highest legal price that can be charged for a productprice floortarget pricesurplusprice ceiling30s
- Q9the lowest legal price that can be paid for a productprice floorprice ceilingeconomic modelequilibrium30s
- Q10price floor for agricultural products set by the government to stabilize farm pricesprice ceilingtarget pricerationingsurplus30s
- Q11What do low prices signal buyers to do?nothingbuy lessbuy moresubstitute30s
- Q12In a competitive market economy, prices are considereduncompromisingdictatedneutralfavorable30s
- Q13Without prices, the three basic questions of WHAT, HOW, and FOR WHOM to produce are answered byconsumersmarketsproducersgovernment30s
- Q14What do most economists believe is the most efficient way to allocate resources?competitive marketsrationingdistorted incentivesgovernment action30s
- Q15Equilibrium is reached when what occurs?there is no change in the quantity suppliedprice increasesprices are inelasticquantity supplied equals quantity demanded30s
