Lieffers_ Unit 3 Test: Supply & Demand

In a city facing a housing crisis, the government decides to set a legal maximum rent to protect tenants. What is this an example of?

• Price Ceilings

• Supply

• Demand

• Substitute

• Complement

The combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment; they want to buy something and while also having the ability to buy it

• Demand
• Supply
• Substitute
• Complement
• Variable Input

Which term describes a resource or factor of production that remains unchanged, regardless of the quantity of output a firm produces in a certain period of time?

• Fixed Input

• Market Equilibrium

• Price Elasticity

• Variable Cost

• Marginal Utility

Ben and Lucy are planning a movie night and need to buy two items that are often bought and used together for such an occasion.

• Complement

• Supply

• Demand

• Substitute

• Variable Input

In a farmers market, Hannah notices the point where the supply of organic apples and the demand from customers meet is often referred to as the..... "sweet spot"

• Equilibrium

• Supply

• Demand

• Substitute

• Complement

Alex is deciding between two brands of coffee that serve the same purpose for him. These brands are examples of what kind of goods?

• Substitute

• Supply

• Demand

• Complement

• Variable Input

Total amount of a specific good or service that is available to consumers

• Supply
• Demand
• Substitute
• Complement
• Variable Input

A resource or factor of production that cannot be changed in a certain period of time

• Fixed Input
• Supply
• Demand
• Substitute
• Complement

If the market for quantity supplied or demand of organic apples is anywhere but equilibrium

• Disequilibrium

• Supply

• Demand

• Substitute

• Complement

Legal minimum price for a product

• Price Floors
• Supply
• Demand
• Substitute
• Complement