equilibrium price

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

If a manufacturer sets the price too high... (pick the one that is FALSE)

• There will be a shortage.
• There will be an incentive to change.
• They are in disequilibrium.
• There will be a surplus.

If you have excess demand, the logical change is to...

• correct consumer demand
• restrict production
• increase production and the price
• lower the price

If you have a shift right of supply due to improvements in technology, then...

• price would go down
• price would go up
• the equilibrium price is the same

If you observe a widespread and wildly successful ad campaign change people's preferences, ceteris parabus...

• the price will go down
• the price will go up
• the equilibrium price is the same

If you produce canned peaches and applesauce decreases in price, then the price of your canned peaches would likely

• go down
• go up
• the equilibrium price is the same

If the price of paper goes up and you are a producer of greeting cards, you are likely to see your prices...

• go down
• go up 
• the equilibrium price is the same