equilibrium

equilibrium

by Kendrick Broadus

Multiple Choice

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

• a shortage

• a surplus

• a price floor

• a price ceiling

Multiple Choice

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

Multiple Choice

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

• a shortage

• a surplus

• a price floor

• a price ceiling

Multiple Choice

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

• a shortage

• a surplus

• a price floor

• a price ceiling

Multiple Choice

Market forces are best described as

• supply and demand determining prices

• the government set a minimum price for corn so farmers can make more money

• the government setting a maximum price on gas so people can save money

• a group of buyers and sellers for a particular good or service

Multiple Choice

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

• a shortage

• a surplus

• a price ceiling

• a price floor

Multiple Choice

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

• a shortage

• a surplus

• a price ceiling

• a price floor

Multiple Select

Which of the following demonstrates price equilibrium?

Multiple Choice

Which of these demonstrates a surplus of goods?

Multiple Choice

Which of these demonstrates a shortage of goods?

Multiple Choice

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

Multiple Choice

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

• a shortage

• a surplus

• a price floor

• a price ceiling

Multiple Choice

Market forces are best described as

• supply and demand determining prices

• the government set a minimum price for corn so farmers can make more money

• the government setting a maximum price on gas so people can save money

• a group of buyers and sellers for a particular good or service

Multiple Choice

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

Multiple Choice

What is the Equilibrium Quantity?

• 50
• 60
• 70
• 80

Multiple Choice

Price is currently above equilibrium. This will create excess__________. We would expect price to ___________.

• demand; increase

• demand; decrease

• supply; increase

• supply; decrease