Equilibrium & Price controls

Front

A market is at ______________ when quantity supplied equals quantity demanded.

Back

Equilibrium

Front

If a product becomes very popular, the demand will

Back

increase

Front

On a market graph, you will always see the title, quantity, and _______________

Back

price

Front

Price Ceilings are usually _______ the equilibrium.

Back

below

Front

Price Floors are usually ________ the equilibrium.

Back

above

Front

Price ceilings are the _____________ a seller/company can charge

Back

maximum price

Front

Price Floors usually result in....

Back

raising price

Front

Shortages are the result of? Options: Law of supply, Price ceilings, Price floors, Law of demand

Back

Price ceilings

Front

Surpluses are a result of...

Back

Price floors

Front

When a seller has more demand than supply, they have a...

Back

shortage