11. A designer raises the price of his jeans by 50%. this well likely to lead to_______.
a. shortage b. surplus c. price floor d. price ceiling
12. a clothing store creates a limited line of t-shirts featuring a popular singer. this will likely to lead to ________?
a. shortage b. surplus c. price floor d. price ceiling
13. A limited quantity of dolls are released just before christmas. which of the following will likely to happen?
a. shortage b. surplus c. price floor d. price ceiling
14. who are being protected by implementing price ceiling?
a. consumer b. supplier c. government d. investors
15. what is surplus?
a. A consumer's willingness to pay given the price for a particular good or service.
b. more items available for sale than people want to purchase
c. the amount of product that producers are willing to sell given a particular price
d. more people want an item than is available for purchase.
