Demand, Supply, and Equilibrium

Point at which supply and demand come together

• price ceiling
• excess demand
• equilibrium
• disequilibrium

When quantity demanded is more than quantity supplied

• price ceiling

• shortage

• equilibrium

• surplus

When quantity supplied and quantity demanded are not equal

• price ceiling

• excess demand

• equilibrium

• disequilibrium

Legal maximum that can be charged for a good.

• price ceiling
• excess demand
• equilibrium
• disequilibrium

What is the government controlled price ceiling on apartment prices called?

• floor pricing
• rent control
• equilibrium level
• rent monitoring

Why does the government place price ceilings on some "essential" goods?

• to prevent inflation during to reduce supply for these goods
• to keep business people from making large profits
• to keep the goods from becoming too expensive
• to reduce demand for these goods

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

Tags

CCSS.HSF-LE.A.1B

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

A situation in which resources are distributed according to price

• rationing
• black market
• supply shock
• free market