Determining Market Price

Question 1

An example of a need is .

Revolt · Accepted Answer

A: basic food

Question 2

The price ceiling means there will be in the supply of rental spaces.

Revolt · Accepted Answer

A: a shortage

Question 3

If the quantity demanded of a good does not change much when the price changes, the good is relatively .

Revolt · Accepted Answer

A: inelastic

Question 4

An example of a want is .

Revolt · Accepted Answer

A: a big TV

Question 5

If the price of a need goes up, people tend to buy .

Revolt · Accepted Answer

C: about the same amount

Question 6

The line at PE represents the .

Revolt · Accepted Answer

C: equilibrium price

Question 7

Landlords will not raise rent prices as demand increases because they .

Revolt · Accepted Answer

A: are not allowed to

Question 8

Based on this graph, the good being shown is most likely .

Revolt · Accepted Answer

A: inelastic

Question 9

If the price of a want goes up, people tend to buy .

Revolt · Accepted Answer

B: less than before

Question 10

The line between points A and B represents .

Revolt · Accepted Answer

A: excess supply

Determining Market Price Answers