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Macro ch 4 Quiz

Select the Definition that corresponds to the displayed Term.
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1. An increase in supply...




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2. Demand




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3. Price Ceiling




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4. Equilibrium price




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5. Equilibrium quantity




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6. 2 important price ceilings




Select the Term that corresponds to the displayed Definition.
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7. A decrease in both equilibrium price and quantity




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8. Surplus- market price is above equilibrium price. Shortage- market price if below equilibrium price




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9. The schedule of quantities of a good or service that people are willing and able to SELL at different prices.




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10. A system used to determine how a scarce good or service is distributed.




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11. Increases equilibrium price and decreases equilibrium quantity




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12. An increase in both equilibrium price and quantity




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13. Government-imposed minimum price (including wages)





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