Price Controls Quiz

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Price Controls Quiz

Email *

First Name *

Last Name *

Class Period *

1st

2nd

3rd

4th

5th

6th

7th

8th

1. *

1 point

2. *

1 point

3. *

1 point

4. *

1 point

5. *

1 point

6. *

1 point

Use the labeling on the graph below to answer the following questions.

7. What is the price of the oil at equilibrium? *

1 point

8. What is the equilibrium quantity? *

1 point

9. If Pw becomes the price ceiling what will be the quantity demanded? *

1 point

10. If Pw becomes the price ceiling what will be the quantity supplied? *

1 point

11. Will the price of Pw cause a shortage, surplus or neither. *

1 point

Shortage

Surplus

Neither

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