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Questions and Answers
What is the term used to describe a situation where the quantity demanded is greater than the quantity supplied?
What is the term used to describe a situation where the quantity demanded is greater than the quantity supplied?
- Disequilibrium (correct)
- Market shock
- Surplus
- Equilibrium
In a shortage situation, what are the two main reasons for there being a shortage?
In a shortage situation, what are the two main reasons for there being a shortage?
- Abundance of goods and low consumer interest
- High prices and low quality
- Too few produced goods and excess demand (correct)
- Excess supply and low demand
What type of price control is implemented by the government when they set a maximum legal price that sellers can charge for a product or service?
What type of price control is implemented by the government when they set a maximum legal price that sellers can charge for a product or service?
- Price floor
- Price ceiling (correct)
- Market equilibrium
- Market shock control
When buyers cannot afford essential goods at the equilibrium price, what type of price control is usually imposed?
When buyers cannot afford essential goods at the equilibrium price, what type of price control is usually imposed?
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In a situation where there is excess demand, what term is used to describe this imbalance in the market?
In a situation where there is excess demand, what term is used to describe this imbalance in the market?
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