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Supply, Demand, and Government Policies Quiz
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Supply, Demand, and Government Policies Quiz

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@WorkableMalachite3326

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Questions and Answers

What is a price ceiling?

  • A specific amount that buyers or sellers pay on each unit bought/sold
  • The price that buyers pay and sellers receive in the market
  • A legal minimum on the price of a good or service
  • A legal maximum on the price of a good or service (correct)

    • Which of the following is an example of a price floor?

  • Minimum wage (correct)
  • Rent control
  • Purchasing tax
  • Sales tax

    • How do price ceilings affect market outcomes when they are not binding?

  • They cause shortage in the market
  • They increase the equilibrium quantity
  • They decrease the equilibrium quantity
  • They have no effect on the market outcome (correct)

    • What do taxes imposed on buyers or sellers affect in a market?

    <p>The market outcome such as the price buyers pay and price sellers receive</p> Signup and view all the answers

    What determines the incidence of a tax?

    <p>The elasticity of demand and supply</p> Signup and view all the answers

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