Ch.12 Supply and Demand Entrepreneurship

Multiple Choice

A _______ occurs when the quantity supplied can’t meet the demand.

• surplus

• shortage

Multiple Choice

A ______ is when the quantity supplied is greater than the demand.

• Surplus

• Shortage

Multiple Choice

The _________ is where the supply curve and the demand curve intersect, where supply and demand are balanced.

• market price

• Equilibrium point

• Equilibrium corner