equilibrium

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium

If a price floor was set at 320, what quantity would be purchased?

• 20
• 40
• 60
• 80

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

The market equilibrium price is the price at which

• surpluses depress the number of goods supplied
• shortages and surpluses will have no effect on the market
• the government will not intervene in the market
• the quantity demanded is the same as the quantity supplied

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

The diagram represents a(n)

• increase in supply
• decrease in supply
• change in quantity supplied
• none of the above

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

The Law of Demand says that price and quantity have a(n)

• direct relationship
• inverse relationship
• marginal utility
• diminishing utility

The law of demand states that if the price of CD’s rise, consumers will

• Buy more CDs
• Buy fewer CDs
• Quantity demanded will not change

Tags

CCSS.RI.11-12.7

CCSS.RI.8.7

CCSS.RI.9-10.7

CCSS.RL.11-12.7

CCSS.RL.9-10.7