Equilibrium

It is an implicit agreement between the buyers and the sellers

• Equilibrium

• Surplus

• Shortage

• Waste

Which of the following happens when the Qs is greater than the Qd?

• Equilibrium

• Surplus

• Shortage

• Consumer surplus

What happens if there is surplus?

• Sellers offer their products by lowering the price

• Sellers offer their products by raising the price

• Buyers are easy to find

• Sellers stick to the price they are offering

What do you call the amount where consumers get what they want and suppliers could sell what they’re offering?

• Quantity Demanded

• Quantity Supplied

• Equilibrium price

• Equilibrium quantity

Equilibrium divides the demand curve in to two. What are these parts?

• Buyers

• Non Sellers

• Non Buyers

• Sellers

Equilibrium divides the supply curve in to two. What are these parts?

• Buyers

• Non Buyers

• Sellers

• Non Sellers

What do you call the difference between the maximum price a consumer is willing to pay and the actual price they do pay?

• Surplus

• Consumer Surplus

• Shortage

• Producer Surplus

What is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for?

• Shortage

• Surplus

• Consumer Surplus

• Producer Surplus

Which is TRUE about shortage?

• The quantity demanded is greater than the quantity supplied.

• The quantity demanded is lesser than the quantity supplied.

• Sellers take the opportunity to increase their price since there is an urgent need.

• Buyers are easy to find because the quantity demanded is high.

What is a waste?

• The price set by the supplier is higher than the price that the consumers are willing to pay at a given quantity.

• The price set by the supplier is lesser than the price that the consumers are willing to pay at a given quantity.