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Macro ch 4


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Category: Definition

 
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Created by: ltameirao
Popular Economics sets

 

 


quantityAn increase in both equilibrium price and _____11true
Equilibrium priceDefinition: The price at which quantity demanded equals quantity supplied.20false
Surplus Vs ShortageDefinition: Surplus- market price is above equilibrium price. Shortage- market price if below equilibrium price40false
decreaseA _____ in both equilibrium price and quantity51true
RationingDefinition: A system used to determine how a scarce good or service is distributed.60false
equilibriumIncreases equilibrium price and decreases _____ quantity71true
Price CeilingDefinition: Government-imposed maximum legal price80false
SupplyDefinition: The schedule of quantities of a good or service that people are willing and able to SELL at different prices.90false
DemandDefinition: The schedule of quantities of a good or service that people are willing and able to BUY at different prices.110false
Price FloorDefinition: Government-imposed minimum price (including wages)120false