MIcro 2.7-Price Control Video Choice
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Last updated over 1 year ago
10 questions
Pick one video and answer the questions. You don't have to do both unless you want to complete both for extra practice.
1
In the early 1970s, the government employed __________control to curb inflation.
1
At equilibrium, the total consumer and producer surplus is maximized.
At equilibrium, the total consumer and producer surplus is maximized.
1
Make a quick sketch of supply and demand. Place the price ceiling on the graph, illustrated in the video.
Make a quick sketch of supply and demand. Place the price ceiling on the graph, illustrated in the video.
1
Make a quick sketch of supply and demand. Place the price floor on the graph, illustrated in the video.
Make a quick sketch of supply and demand. Place the price floor on the graph, illustrated in the video.
1
Sort the following.
Sort the following.
- Floor above equilibrium
- Floor below equilibrium
- Ceiling above equilibrium
- Ceiling below equilibrium
- Binding
- Non-binding
1
Price controls are the legal limit on the quantity of goods and services in the market.
Price controls are the legal limit on the quantity of goods and services in the market.
1
What are the types of price controls?
What are the types of price controls?
1
Make a quick sketch of supply and demand. Place the price ceiling on the graph, illustrated in the video.
Make a quick sketch of supply and demand. Place the price ceiling on the graph, illustrated in the video.
1
Make a quick sketch of supply and demand. Place the price floor on the graph, illustrated in the video.
Make a quick sketch of supply and demand. Place the price floor on the graph, illustrated in the video.
1
With both the price floor and the price ceiling, the price controls made the market _______ inefficient. (1 word)