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by BlastRoom
Explore how binding price controls create shortages, surpluses, and tradeoffs.
#us_hs_economics
25 questions
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A city bars landlords from charging more than $1,100 monthly for a studio apartment that previously rented for $1,500. What kind of price control is this?
A dairy program guarantees farmers at least $24 per hundredweight of milk when the market-clearing price is $18. How should this control be classified?
A state requires employers to pay at least $16 per hour, while the labor market would clear at $13 per hour. What kind of price control is this?
A county limits taxi fares to no more than $30 for an airport trip, but the competitive market price is $24. What is the policy?
A grain program sets a minimum price of $4 per bushel even though grain would sell for $6 without the program. Which description is correct?
During an emergency, a state prohibits stores from charging more than $3 for a bottle of water that would otherwise sell for $5. What is this policy?
A city sets a binding rent ceiling below the equilibrium rent. What market condition results at the legal rent?
Use the supply-and-demand figure. What occurs at the price shown by the horizontal government line?
The figure shows a legal price line in a corn market. What condition does the line create if it is enforced?
Congress sets a minimum wage above the wage at which a local labor market clears. What is most likely to appear?
In the figure, the government sets the price of a flu medicine at the horizontal line. What is the likely immediate result?
The figure shows a support price for wheat. What is the likely outcome if the government does not buy excess wheat?
A binding ceiling holds the price of concert tickets below equilibrium. What nonprice method might sellers use to allocate the limited tickets?
What does the horizontal line in the supply-and-demand figure represent, and what follows?
Read the market figure. What control does the horizontal line show, and what is its consequence?
The horizontal line in the figure is a legal maximum price. Which quantity is actually sold?
The horizontal line in the figure is a legal minimum price. If no government agency buys the excess output, which quantity is sold?
Which statement best describes the horizontal legal price line in the figure?
In a graph, the government's price floor line is above equilibrium. Which change would make that line nonbinding without changing the law?
A city sets a binding rent ceiling below equilibrium. Which group gains most directly from the policy?
A city caps apartment rents below equilibrium. A landlord spends less on maintenance because rent revenue falls. Who bears this cost most directly?
A farm price support sets the price of milk above equilibrium, and the government buys unsold milk. Who ultimately funds those purchases?
A state sets a minimum wage above the wage at which its labor market would clear. Which group bears the clearest cost?
A price ceiling on gasoline creates long lines at stations. What cost do drivers who obtain gasoline bear besides the money price?
With a binding rent ceiling, some landlords choose tenants based on personal connections. What side effect does this illustrate?
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Supply and Demand Graph Practice
30 questions
