Question 1
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Match the definitions to their correct term.

Question 1 options:

Determined by how much of a good or service is produced relative to how badly buyers want it

Supply is lower than Demand. Prices Rise.

Demand always exceeds supply. Want more than we have.

The lower the price of a good or service, the greater the quantity consumers will buy.

The amount of a good that producers are willing to sell at a given price.

Higher the price of a good or service, the greater the quantity that producers will try to sell.

Quantities of a good or service that potential buyers are willing and able to purchase

Supply is higher than demand. Prices Drop

The price at which quantity supplied = quantity demanded

1.
Price

2.
Demand

3.
Supply

4.
Law of Supply

5.
Equilibrium Price

6.
Law of Demand

7.
Scarcity

8.
Surplus

9.
Shortage

Consider the market for gasoline. suppose that, in a competitive market without government regulations, the equilibrium price of gasoline is $3.00 per gallon, and employees at gas stations earn $17.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect the government has instituted a legal minimum price of $3.40 per gallon for gasoline. the government prohibits gas stations from selling gasoline for more than $3.40 per gallon. due to new regulations, gas stations that would like to pay better wages in order to hire more workers are prohibited from paying more than $14.50 per hour.

Southeastern oklahoma state university's business program has the facilities and faculty to handle an enrollment of 2,000 new students per semester. however, in an effort to limit class sizes to a "reasonable" level (under 200 generally), southeastern's dean, holly lutze, placed a ceiling on enrollment of 1,600 new students. although there was ample demand for business courses last semester, conflicting schedules allowed only 1,440 new students to take business courses. the utilization rate for southeastern=%the efficiency rate for southeastern=%

Mountain mouse makes freeze-dried meals for hikers. one of mountain mouse's biggest customers is a sporting goods superstore. every 66 days, mountain mouse checks the inventory level at the superstore and places an order to restock the meals. these meals are delivered by ups in 55 days. average demand during the reorder period and order lead time is 8585 meals, and the standard deviation of demand during this same time period is about 1919 meals. calculate the restocking level for mountain mouse. assume that the superstore wants a 95\% service level. what happens to the restocking level if the superstore wants a higher level of service-say, 99]%? the restocking level for the 95% service level is 117 mealssuppose there are 25 meals in the superstore when mountain mouse checks inventory levels. how many meals should be ordered, assuming a 95% service level?