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Warm up 4/8/13 p. 125-144

Warm up 4/8/13 p. 125-144. On which kinds of goods do governments generally place price ceilings? When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?

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Warm up 4/8/13 p. 125-144

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  1. Warm up 4/8/13 p. 125-144 • On which kinds of goods do governments generally place price ceilings? • When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached? • Why did the U.S. government use rationing for some foods and consumer goods during World War II?

  2. Warm up 4/9/13 p. 125-144 • What happens to a market in equilibrium when there is an increase in supply? • What is it called when the government uses some tool other than money to allocate goods? • What is the name of the smallest amount that can legally be paid to most workers for an hour of work?

  3. Warm up 4/10/13 p.125-144 • The price ceiling that was used to control the price of housing in New York City and other cities was called which of the following? 2. What is a shortage? 3. Markets always move in what direction?

  4. Warm up 4/11/13 p.148 • What is equilibrium? • What are some examples of equilibrium? • There are 10 red wagons for sale and 10 children who want them. In this situation demand is equal to supply. What would happen to the price if, suddenly, 50 children wanted red wagons but there were still only 10 wagons?

  5. Warm ups 4/12/13 p.185 • What is a business organization? • What is a sole proprietorship? • What motivates many sole proprietors?

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