2.2 Price Effects

Point at which supply and demand come together

• price ceiling
• excess demand
• equilibrium
• disequilibrium

When quantity demanded is more than quantity supplied

• price ceiling
• excess demand
• equilibrium
• disequilbrium

When quantity supplied is greater than the quantity demanded, what is the condition know as?

• abundant supply
• disequilibrium
• excess availability
• excess supply.

When quantity supplied exceeds quantity demanded at a certain price.

• shortage
• fad
• search costs
• surplus

When quantity demanded exceeds quantity supplied at a certain cost

• shortage
• fad
• search costs
• surplus

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

Which of the following is another name for excess demand?

• shortage
• surplus
• equilibrium
• disequilibrium

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

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 is the Equilibrium Price?

• 1
• 2
• 3
• 4