Price Floor And Ceiling Quiz

Exorbitant profits for producers of the good.

Price floor and ceiling quiz.

This quiz worksheet combination will test your understanding of price ceilings and price floors. Price ceiling is a concept that is often used in economics. Preview this quiz on quizizz. It is legal minimum price set by the government on particular goods and services in order to prevent producers from being paid very less price.

Macro quiz price floors and ceilings. K university grade. 9th 12th grade. Price floors and ceilings are inherently inefficient and lead to sub optimal consumer and producer surpluses but.

Terms in this set 10 which of the following is a good example of a price floor. A a rent controlled apartment b a maximum legal price that could be charged for gasoline during a time of war c. Terms in this set 7 price floor a price floor is a government set price above equilibrium price it is a tax on consumers and a subsidy to producers. Like price ceiling price floor is also a measure of price control imposed by the government.

But this is a control or limit on how low a price can be charged for any commodity. What does this graph show. Quiz questions will test your knowledge about price ceiling and definitions associated with this economic term. Final exam ch.

Chapter 4 price ceilings and floors quiz. Econ 101 self test quiz chapter 4. Price floor and price ceiling draft. Preview this quiz on quizizz.

Price floors and price ceilings are government imposed minimums and maximums on the price of certain goods or services. Price floor and price ceilings draft. Quiz questions will focus on topics such as binding price ceiling lines and the term given to how. How to calculate changes in consumer and producer surplus with price and floor ceilings.

9th 12th grade. This is usually done to protect buyers and suppliers or manage scarce resources during difficult economic times. What does this graph show.