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Macro ch 4 Test

Enter the letter for the matching Definition
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1.
Supply
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2.
An increase in supply...
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3.
2 important price ceilings
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4.
A decrease in supply...
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5.
A decrease in demand leads to what?
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6.
An increase in demand leads to what?
A.
A decrease in both equilibrium price and quantity
B.
1) Rent Control and 2) Usury laws-ceiling on interest rates
C.
Increases equilibrium price and decreases equilibrium quantity
D.
Decreases equilibrium price and increases equilibrium quantity
E.
The schedule of quantities of a good or service that people are willing and able to SELL at different prices.
F.
An increase in both equilibrium price and quantity
Type the Term that corresponds to the displayed Definition.
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7.
Surplus- market price is above equilibrium price. Shortage- market price if below equilibrium price
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8.
Government-imposed maximum legal price
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9.
The quantity bought and sold at the equilibrium price
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10.
A system used to determine how a scarce good or service is distributed.
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11.
The price at which quantity demanded equals quantity supplied.
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12.
Government-imposed minimum price (including wages)
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13.
The schedule of quantities of a good or service that people are willing and able to BUY at different prices.

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