#1
What is the effect of a price ceiling below the equilibrium price?
#2
What is a consequence of a price floor set above the equilibrium price?
#3
What is the economic term for a situation where the quantity demanded exceeds the quantity supplied at the current price?
#4
In a free market, what determines the equilibrium price and quantity?
#5
What is the term for the price at which the quantity demanded equals the quantity supplied?
#6
What is the term for a market condition where the quantity demanded equals the quantity supplied?
#7
What happens to consumer surplus when a price ceiling is imposed?
#8
How does producer surplus change when a price floor is imposed?
#9
What is the primary goal of implementing price controls?
#10
How does a price ceiling affect the quantity supplied?
#11
What is the term used to describe a situation where the price ceiling is set above the equilibrium price?
#12
What happens to consumer surplus when a price floor is implemented?
#13
In the long run, what effect does a binding price floor have on the market?
#14
Which of the following is a potential consequence of price controls on quality?
#15