Equilibrium Prices

Front

When demand and supply are combined on a graph, they make a(n)

Back

X

Front

What is surplus?

Back

The quantity supplied is high than the quantity demanded.

Front

What is shortage?

Back

The quantity demanded is higher than the quantity supplied

Front

Which letter shows the area of a shortage? A, B, C

Back

B

Front

Which letter shows the equilibrium? Options: A, B, C

Back

C

Front

Which letter shows the area of surplus? Options: A, B, C

Back

A

Front

A price ceiling...

Back

would be below the equilibrium

Front

A price floor...

Back

would be above the equilibrium

Front

A price ceiling typically creates...

Back

a shortage

Front

What is a black market?

Back

When goods and services are exchanged illegally.