ECON 401-WEEK 2 . Questions and Answers

ECON 401-WEEK 2 . Questions and Answers n economics, the demand for a good refers to the amount of the good that people: a) would like to have if the good were free. b) will buy at various prices. c) need to achieve a minimum standard of living. d) will buy at alternative income levels. Questi on 2 1 / 1 point ______________ are enacted when discontented sellers, feeling that prices are too low, appeal to legislators to keep prices from falling. a) Price ceilings b) Rent controls c) Subsidies d) Price floors Questi on 3 0 / 1 point A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and ____________, shown on the horizontal axis. a) demand b) quantity supplied c) quantity demanded d) quantity Questi on 4 1 / 1 point _________________ refers to the total number of units that are purchased at that price. a) quantity b) supply c) market quantity d) quantity demanded Questi on 5 1 / 1 point The ___________ is the only price where quantity demanded is equal to quantity supplied. a) market price b) horizontal axis intercept c) vertical axis intercept d) equilibrium price