Exam 4: Extensions of Demand and Supply Analysis

-Refer to the above figure.A price floor of $60 results in

Hospitals announce that there are not enough nurses available to keep them fully staffed.Economically speaking,what does this announcement mean?

The economy is undergoing a recession that has reduced consumers' incomes.In the computer chip market,this will lead to

Other things being equal,a higher price induces

Which one of the following could account for an increase in the market clearing price of iPads?

A price ceiling is

All other factors being constant,a reduction in price tends to cause which of the following?

-Refer to the above figure.Other things being equal,when the government imposes a price floor at P2,then we would expect

If both the demand curve and the supply curve shift to the right,we can unambiguously conclude that the

After an increase in the demand for construction workers,the market will attain its new long-run equilibrium faster if

Price controls

The effect of legislation establishing a minimum wage above the market clearing wage is

An example of a black market is

When import quotas are imposed by a government,

When the government sets a price floor which is below the equilibrium price

If a price ceiling were established above the equilibrium price,

Suppose that consumer income decreases and that hamburger is an inferior good.Which of the following will occur in the market for hamburger?

The difference between the total amount that producers would have been willing to accept for the total quantity produced in a market and what they actually received at the market clearing price is called

Transaction costs are

An example of a black market is