Lec 6 Questions

Lec 6 Questions - 3. A sale on Subway sandwiches will cause...

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Econ 101 Class 6 Questions 1. Given the displayed demand and supply data, equilibrium price and quantity are: A. $3.00, 200 B. $1.50, 200 C. $2.25, 125 D. $2.25, 75 E. None of the Above ** 2. Which of the following correctly describes the effects of binding price floors and ceilings on markets? A. A price floor causes quantity demanded to exceed quantity supplied. B. A price ceiling leads buyers to compensate sellers in alternative ways. ** C. A price ceiling causes quantity supplied to exceed quantity demanded. D. A price floor leads buyers to compensate sellers in alternative ways.
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Unformatted text preview: 3. A sale on Subway sandwiches will cause a (an) ________ in the equilibrium price and a (an) ________ in the equilibrium quantity of pizza. A. Increase, Increase B. Decrease, Decrease ** C. Decrease, Increase D. Increase, Decrease 4. An increase in the price of Mozzarella cheese will cause a (an) ________ in the equilibrium price and a (an) ________ in the equilibrium quantity of pizza. A. Decrease, Increase B. Decrease, Decrease C. Increase, Increase D. Increase, Decrease **...
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