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Economics Chapter 6 Test
Created by jrogers
- 1. equilibrium price
- 2. disequilbrium
- 3. price ceiling
- 4. black market
- 5. rationing
- a. the legal maximum price that sellers may charge for a product
- b. illegal buying or selling in violation of price controls or rationing
- c. a government system for allocating goods and services using criteria other than price
- d. the price at which the quantity demanded and the quantity supplied are equal
- e. when the quantity demanded and quantity supplied are not in balance
Name: ___________________________________
Date: ___________________________________
Date: ___________________________________
Economics Chapter 6 Test (Answer Key)
Created by jrogers
- d 1. equilibrium price
- e 2. disequilbrium
- a 3. price ceiling
- b 4. black market
- c 5. rationing
- a. the legal maximum price that sellers may charge for a product
- b. illegal buying or selling in violation of price controls or rationing
- c. a government system for allocating goods and services using criteria other than price
- d. the price at which the quantity demanded and the quantity supplied are equal
- e. when the quantity demanded and quantity supplied are not in balance
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