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Market Price Quiz

What is the effect of imposing a fixed per unit tax on a good on its equilibrium price and quantity?

The need for rationing a good arises when

If a government were to fix a minimum wage for workers that was higher than the market-clearing equilibrium wage, economists would predict that

When the decrease in the price of one good causes the demand for another good to decrease, the goods are

The price of apples falls by 5% and quantity demanded increases by 6%. Demand for apples is

A price floor is

If the “regulated-market” price is below the equilibrium (or “free-market” price) price,

Alpha Corporation produces chairs. An economist working for the firm predicts that 'if people's incomes rise next year, then the demand for our chairs will increase, ceteris paribus.' The accuracy of the economist's prediction depends on whether the chairs Alpha produce

The price elasticity of demand is the

The price of bread increases by 22% and the quantity of bread demanded falls by 25%. This indicates that demand for bread is

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