Exam 4: Extensions of Demand and Supply Analysis

An effective government imposed price ceiling will result

The price of labor in the agricultural industry has just increased.For agricultural products,this will lead to

Suppose a price ceiling is currently set below the equilibrium price.Now suppose that policy makers decide to lower the price ceiling.This reduction in the price ceiling will cause which of the following to occur?

In the United States,government-imposed price supports are most often associated with

The gains from consumer surplus and producer surplus occur when

In the market for domestic avocados,what would happen to the market clearing price and the equilibrium quantity if there was a drought in avocado growing areas?

Buyers and sellers receive signals from markets

A price floor set above a market equilibrium price causes

When the government establishes a minimum price for an agricultural product above the equilibrium price,the government is creating a(n)

List prices on new cars do not change very often,so

Minimum wages are examples of

-Refer to the above figure.If a price floor of $5 was set,

What would happen in the market for rental housing in your community if the local government legally mandated rents that were below the market clearing price?

In a market system,what must take place for quantity demanded to continually be equated with quantity supplied?

Queuing is a way to ration goods

Which of the following are ways to ration goods and services?

What are transaction costs? What are some ways in which society reduces transaction costs?

Some oil refineries were damaged by Hurricane Ike of 2008,leading to

Who is most likely to benefit from rent controls?

Price controls may be thought of as