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Columbia Basin College ECON 201 Exam 4 1)The conversion of resources to satisfy wants is described as:   The current equilibrium price in the market is $150 while the equilibrium quantity is 7,500 units

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2. The current equilibrium price in the market is $150 while the equilibrium quantity is 7,500 units. Suppose the government places $5 per unit tax on the market, leading to a new equilibrium demanded price of $15 and equilibrium quantity of 5,000 units. This price elasticity supply will be           and the price elasticity of demand will be      .
3. The idea that wants are virtually unlimited but the resources to meet those wants are limited is called:
4. The price that results when quantity demanded is just equal to quantity supplied is known as
5. The production of too many Matchbox cars and not enough Barbie Dolls is an example of:
6. The study of economics: