Chapter 6: Supply and Demand

Front

Market Equilibrium

Back

When the Quantity Demanded is equal to the Quantity Supplied.

Front

True or False: The Market is always trying to reach Equilibrium

Back

True

Front

What is the Equilibrium Price?

Back

$10

Front

Which equation explains Disequilibrium?

Back

Front

Back

Shortage

Front

Back

Surplus

Front

At what price will there start to be a Shortage?

Back

When P < $1.40

Front

At what price will there start to be a surplus? Options: P > $10, P < $15, P = $10, P > $5

Back

P > $10

Front

What would happen to the Equilibrium Price if a temporary bug in the network causes all self-driving cars to shut off when exceeding 45 MPH?

Back

Quantity Demanded would Decrease so the Equilibrium Price would Decrease.

Front

What happens to the Equilibrium Price for Plane Tickets if it rains cats and dogs over Charlotte Douglas International Airport, preventing planes from taking off?

Back

Quantity Supplied would decrease causing an increase in Equilibrium Price