Microeconomics CH 4 - Assignment Essays %

question

Price ceiling

answer

Establish maximum price a seller can charge >>>>>

question

Price floor

answer

Minimum price a seller can be paid >>>>>>>>>

question

Market failure

answer

Market equilibrium results in too few too many resources being used The inefficiency may justify government intervention >>>>>>>>>>

question

Externality

answer

Cost or benefit imposed on people other than the consumer and producers of a good service >>>>>>>>

question

Public good

answer

Goods or services properties 1. Users collectively consume benefits
2. There is now way to to bar people who do not pay free riders from consuming the good and services >>>>>>>>>>>>>

question

Decrease in the equilibrium and decrease in equilibrium quantity

answer

A decrease in demand with the supply that is held constant leads to

question

Decrease in supply

answer

An increase equilibrium price and decreased equilibrium quantity results from an

question

Shortage

answer

Assume no price ceiling exist in the market then a price ceiling is established below the market equilibrium. What would result

question

Efficient equilibrium

answer

Which of the following is not an example of market failure

question

Negative externality

answer

Cost imposed on people other than the consumer of a good or service is a

question

An increase in demand with no change in supply will increase the equilibrium price and quantity

answer

Statement thats true about the market

question

Increase the demand for chicken resulting in a higher price and a smaller amount of chicken purchased in the market

answer

Consider the market for chicken an increase in the price of beef will

question

Upward movement along the supply curve

answer

An increase in consumer income increases the demand for oranges Ad a result of the adjustment to a new equilibrium there is an

question

Supply curve of grapes to shift left results in higher prices in grapes

answer

Increase in wage paid to grape picker will cause

question

Encourage farmers to produce less cheese

answer

If the federal government wants to raise the price of cheese it will

question

The supply of rental housing will increase rapidly

answer

Which of the following is least likely to result from rent controls set below equilibrium the equilibrium price for rental and housing

question

The quantity demanded is equal to quantity supplied

answer

Suppose the equilibrium price is set by supply and demand is lower than the price ceiling set by the government. The result would be

question

To few resources devoted to its productions

answer

Good that provides external benefits to society has

question

Neg external

answer

Pollution from car is an example of

question

Pencil, Police, Fire,

answer

Best example of a public good

question

Allows users to collectively consume benifits

answer

A public good can be defined as any good or service that

1 of 21

question

Price ceiling

answer

Establish maximum price a seller can charge >>>>>

question

Price floor

answer

Minimum price a seller can be paid >>>>>>>>>

question

Market failure

answer

Market equilibrium results in too few too many resources being used The inefficiency may justify government intervention >>>>>>>>>>

question

Externality

answer

Cost or benefit imposed on people other than the consumer and producers of a good service >>>>>>>>

question

Public good

answer

Goods or services properties 1. Users collectively consume benefits
2. There is now way to to bar people who do not pay free riders from consuming the good and services >>>>>>>>>>>>>

question

Decrease in the equilibrium and decrease in equilibrium quantity

answer

A decrease in demand with the supply that is held constant leads to

question

Decrease in supply

answer

An increase equilibrium price and decreased equilibrium quantity results from an

question

Shortage

answer

Assume no price ceiling exist in the market then a price ceiling is established below the market equilibrium. What would result

question

Efficient equilibrium

answer

Which of the following is not an example of market failure

question

Negative externality

answer

Cost imposed on people other than the consumer of a good or service is a

question

An increase in demand with no change in supply will increase the equilibrium price and quantity

answer

Statement thats true about the market

question

Increase the demand for chicken resulting in a higher price and a smaller amount of chicken purchased in the market

answer

Consider the market for chicken an increase in the price of beef will

question

Upward movement along the supply curve

answer

An increase in consumer income increases the demand for oranges Ad a result of the adjustment to a new equilibrium there is an

question

Supply curve of grapes to shift left results in higher prices in grapes

answer

Increase in wage paid to grape picker will cause

question

Encourage farmers to produce less cheese

answer

If the federal government wants to raise the price of cheese it will

question

The supply of rental housing will increase rapidly

answer

Which of the following is least likely to result from rent controls set below equilibrium the equilibrium price for rental and housing

question

The quantity demanded is equal to quantity supplied

answer

Suppose the equilibrium price is set by supply and demand is lower than the price ceiling set by the government. The result would be

question

To few resources devoted to its productions

answer

Good that provides external benefits to society has

question

Neg external

answer

Pollution from car is an example of

question

Pencil, Police, Fire,

answer

Best example of a public good

question

Allows users to collectively consume benifits

answer

A public good can be defined as any good or service that

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