What is the equilibrium price in this graph?
Equilibrium Price
Flashcard
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Social Studies
•
6th Grade
•
Easy
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19 questions
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1.
FLASHCARD QUESTION
Front
Back
$1.50
2.
FLASHCARD QUESTION
Front
What happens if there is surplus?
Back
Sellers offer their products by lowering the price
3.
FLASHCARD QUESTION
Front
If a price is above equilibrium price, it creates a...
Back
surplus
4.
FLASHCARD QUESTION
Front
When the quantity demanded is greater than the quantity supplied it is known as
Back
a shortage
5.
FLASHCARD QUESTION
Front
When the demand for a product or service is higher than the supply this causes what?
Back
shortage
6.
FLASHCARD QUESTION
Front
When quantity supplied and quantity demanded is equal
Back
equilibrium
7.
FLASHCARD QUESTION
Front
If a price is above equilibrium price, it creates a...
Back
surplus
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