Equilibrium, Price Floor, Price Ceiling

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Which of these best defines equilibrium in a market? a situation in which quantity supplied is greater than quantity demanded, a situation in which quantity demanded is greater than quantity supplied, a situation in which quantity supplied and quantity demanded are equal, a situation where a minimum price is set

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a situation in which quantity supplied and quantity demanded are equal

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A situation in which the quantity supplied is greater than the quantity demanded is

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a surplus

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A situation in which quantity demanded is greater than quantity supplied is

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a shortage

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A situation in which a minimum price is set is referred to as

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a price floor

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A situation in which a maximum price is set is referred to as

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a price ceiling

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Which of the following demonstrates price equilibrium?

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Which of these demonstrates a surplus of goods?

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Which of these demonstrates a shortage of goods?

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