Profit Answers
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Price controls on goods can be set by
A
consumers.B
economists.C
governments.D
producers.2
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Which statement best explains how elasticity and incentives work together?
A
An elastic good, such as a game, is more likely to respond to incentives.B
An inelastic good, such as a game, is more likely to respond to incentives.C
An elastic good, such as a game, is less likely to respond to incentives.D
An inelastic good, such as a game, is less likely to respond to incentives.3
In economics, if a good is inelastic,
A
consumers have lost an interest in purchasing it.B
producers have lost an interest in manufacturing it.C
its supply or demand is too sensitive to price changes.D
its supply or demand is not sensitive to price changes.5
Goods that are considered to be needs tend to be
A
elastic when the price changes.B
inelastic when the price changes.C
elastic when the supply changes.D
inelastic when the supply changes.6
In the market, actions known as incentives affect
A
producers only.B
consumers only.C
consumers or producers.D
neither consumers nor producers.7
Which statement best describes incentives?
A
Incentives are mostly positive.B
Incentives are mostly negative.C
Incentives can be positive or negative.D
Incentives are neither positive nor negative.8
What is the difference between a price floor and a price ceiling?
A
A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.B
A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.C
A price ceiling below the equilibrium price has no effect.D
A price floor above the equilibrium price has no effect.9
On this graph, what does the green arrow represent?
A
an ineffective price floor set above equilibrium causing a surplus.B
an effective price floor set below equilibrium causing a shortage.C
an ineffective price ceiling set above equilibrium causing a surplus.D
an effective price ceiling set below equilibrium causing a shortage.10
The government has set a price floor on bread. Manufacturers cannot sell loaves for less than $5.00, which is a dollar above the market price. What will most likely result from this price control?
A
The quantity demanded for bread will decrease, and the quantity supplied will increase.B
The quantity demanded and quantity supplied for bread will increase.C
The quantity demanded for bread will increase,and the quantity supplied will decrease.D
The quantity demanded and quantity supplied for bread will decrease.Did you find these answers helpful?
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