IB Economics SL Market Equilibrium Torture

Point at which supply and demand curve intersect each other

• price ceiling

• excess demand

• equilibrium

• disequilibrium

Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers

• are different.
• are equal.
• is higher for the product demanded.
• is higher for the product supplied.

What is the equilibrium quantity in this graph?

• $1.50
• $1.00
• 600
• 800

Equilibrium in a market means which of the following?

• the point at which quantity supplied and quantity demanded are the same
• the point at which unsold goods begin to pile up
• the point at which suppliers begin to reduce prices

Resource allocation refers to the allocation of

• consumers' income

• factors of production

• productive capacity

• raw materials

Resources are limited due to the fact that all resources are _____.

• sketchy
• expensive
• cheap
• scarce

Scarcity is _______, while a shortage is _______.

• easy; hard
• temporary; always
• continuous; temporary
• wack; woke

Choose the correctly labelled Market equilibrium graph

• 
• 
• 
• 

___________ is a microeconomic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa.

• Law of Supply and Demand

• Law of Supply

• Law of Demand

• Law of Infinity Stones

When quantity supplied exceeds quantity demanded at a certain price.

• shortage
• fad
• search costs
• surplus