A Refrigerator

question 65

Multiple Choice

A refrigerator

• A)produces cold.
• B)causes internal energy to disappear.
• C)transfers internal energy from inside to outside.
• D)transfers heat into cold.
• E)none of the above

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Definitions:

Price Ceiling

A cap set by the government on the maximum price that can be asked for a good, service, or commodity.

Shortage/Surplus

An economic condition where the quantity demanded is greater than (shortage) or less than (surplus) the quantity supplied at the market price.

Demand Equation

A mathematical representation of the relationship between the quantity of a good demanded and its price.

Supply Equation

A mathematical formula that represents the relationship between the quantity of a good supplied and its price.