Market Equilibrium Test

Front

What causes a shift in the demand curve?

Back

A change in an area other than price.

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

Front

The market equilibrium price is the price at which

Back

the quantity demanded is the same as the quantity supplied

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.

Front

When the demand curve shifts to the left, this suggests demand has

Back

decreased

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

Front

This part of the market determines DEMAND

Back

buyers

Front

This part of the market determines SUPPLY

Back

sellers

Front

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

Back

The price will go up.

Front

Which of the following factors will not cause the demand curve to shift: advertising, population, consumer expectations, price?

Back

price