Title: QUIZ: Market Equilibrium -- Economic Lowdown Audio Series
Course: Andria Testing FRE2 > Section: Market Equilibrium -- Economic Lowdown Audio Series

Q: The Law of Demand states that __________.
- as price of a good or service increases, the quantity demanded of that good or service decreases
- as price of a good or service increases, the quantity demanded of that good or service increases
- an increase in the demand for a good or service will result in a decrease in the supply of that good or service
- an increase in the demand for a good or service will result in an increase in the supply of that good or service
A: as price of a good or service increases, the quantity demanded of that good or service decreases

Q: The Law of Supply states that  __________.
- when the price of a good or service increases, the quantity supplied of that good or service will decrease
- when the price of a good or service increases, the quantity supplied of that good or service will increase
- an increase in the supply for a good or service will result in a decrease in the demand of that good or service
- an increase in the supply for a good or service will result in an increase in the demand of that good or service
A: when the price of a good or service increases, the quantity supplied of that good or service will increase

Q: At the equilibrium price the __________.
- quantity of a good buyers are willing to buy is greater than the quantity sellers are willing to sell
- quantity of a good sellers are willing to sell is greater than the quantity buyers are willing to buy
- quantity of a good buyers are willing to buy is the same quantity that sellers are willing to sell
- supply of a good is equal to the demand for the good
A: quantity of a good buyers are willing to buy is the same quantity that sellers are willing to sell

Q: The demand curve slopes ________, the supply curve slopes _________, and point where they intersect is called _________.
- upward; downward; equilibrium
- downward; upward; equilibrium
- leftward; rightward; intersection
- rightward; leftward; intersection
A: downward; upward; equilibrium

Q: A price floor is a price control that holds prices _____ the equilibrium price, and results in _______.
- above; shortage
- below; shortage
- above; surplus
- below surplus
A: above; surplus

Q: A price ceiling is a price control that holds prices _____ the equilibrium price, and results in _______.
- above; shortage
- below; shortage
- above; surplus
- below; surplus
A: below; shortage

Q: The minimum wage is an example of a __________.
- price floor
- price ceiling
A: price floor

Q: Rent control is an example of a _________.
- price floor
- price ceiling
A: price ceiling