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Economics Chapter 6
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In which two of the graphs did a surplus occur because of the shift in demand or supply?
Graph B and C
In which two of the graphs did a shortage occur because of the shift in demand or supply?
Graph A and D
Which graph reflects the impact on the market for DVD players as consumers purchase more and more streaming videos?
Graph B
Which graph reflects the impact on the market for homes as new construction companies build houses in Houston, Texas?
Graph C
Which graph reflects the impact on the market for drinking water as the result of a hurricane that hits Florida?
Graph A
Which graph illustrates what would happen if candy producers are informed that the cost of sugar has doubled?
Graph D
T or F Behavioral and experimental economics show that people always make rational decisions.
False
T or F Restaurant servers frequently earn minimum wage because there is low demand for them.
False
T or F The "price" of getting into college can be academic performance in addition to tuition.
True
T or F Selection for positions on sports teams in high school and college can be examined and explained using supply and demand.
True
T or F The winning combination for a high salary is high supply and low demand for a job.
False
T or F Price could eliminate freeway congestion during heavy travel times when traffic jams are experienced.
True
T or F When the supply of a good cannot be moved in response to a difference in price between cities, prices for this good are likely to remain different in these cities.
True
T or F In general, no matter where you go in the US, the price of a loaf of bread is approximately the same.
True
T or F The reason you don't see scalpers at Starbucks is because there are laws to prohibit scalping coffee.
False
T or F If you observe extremely long lines to purchase tickets for an event, you would conclude that the ticket office has calculated the equilibrium price perfectly.
False
T or F Speculators do things they hope will earn them profits.
True
T or F If everything else remains the same and demand increase, prices will likely drop.
False
T or F For equilibrium to change, supply or demand would have to change.
True
T or F When there is a surplus, prices tend to rise.
False
T or F Equilibrium exists in all markets, all the time.
False
When the quantity supplied of a good exceeds the quantity demanded, there is a(n) _____ in the market.
surplus
When the quantity demanded of a good is greater than the quantity that is supplied, a(n) ________ exists.
shortage
A legislated minimum price that is above the equilibrium price is called a(n)________.
price floor
_______ is what we call the stock of goods that a business or store has on hand.
Inventory
The price in a market that indicates that the quantity buyers are willing and able to buy is equal to the quantity that sellers are willing and able to produce and offer for sale is called the _______ price.
Equilibrium
In what area is there a surplus?
1
In what area is there a shortage?
3
When there is a surplus in the market, which of the following is true?
Prices may fall
A legal maximum price at which a good can be sold is a
price ceiling
Price controls decrease the amount of
exchange that occurs
A price floor results in
shortage
Equilibrium can be expressed as
Qd=Qs
Inventory includes which of the following?
stock on hand
If there were a shortage of nurses, we would expect the wages of nurses to
increase
In a free enterprise market, who or what allocates resources?
prices
If a greater supply of labor were combined with decreased demand for labor, we might expect
wages to fall
If all else remains the same, a decrease in the demand for a good will decrease the
price
Equilibrium price is
the price that occurs when the quantity demanded is equal to the quantity supplied


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