
Market Equilibrium Test
Flashcard
•
History
•
12th Grade
•
Practice Problem
•
Hard
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23 questions
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1.
FLASHCARD QUESTION
Front
What causes a shift in the demand curve?
Back
A change in an area other than price.
2.
FLASHCARD QUESTION
Front
The amount of a good or service that producers are willing and able to sell at all possible prices during a given period of time.
Back
Supply
3.
FLASHCARD QUESTION
Front
The market equilibrium price is the price at which
Back
the quantity demanded is the same as the quantity supplied
4.
FLASHCARD QUESTION
Front
What is the Equilibrium Price?
Back
The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers.
5.
FLASHCARD QUESTION
Front
When the demand curve shifts to the left, this suggests demand has
Back
decreased
6.
FLASHCARD QUESTION
Front
When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly
Back
elastic
7.
FLASHCARD QUESTION
Front
This part of the market determines DEMAND
Back
buyers
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