Equilibrium price

When quantity demand smaller than quantity supply the price will usually?

• increase

• decrease

• remain the same

• equilibrium

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

What is the Equilibrium Quantity?

• 50
• 60
• 70
• 80

Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers

• are different.
• are equal.
• is higher for the product demanded.
• is higher for the product supplied.

When a price ceiling is in place keeping the price below the market price, which is true of the quantity demanded & quantity supplied?

• Quantity Demanded is greater

• Quantity Supplied is greater

• Quantity Demanded equals Quantity supplied

At the price of 1.00 there is a 

• shortage of 200
• surplus of 200
• shortage of 400
• surplus of 400

Which of the following is a determinant of the SUPPLY of peanut butter?

• Your favorite movie star eats peanut butter

• The price of jelly decreases

• The income of peanut butter consumers

• Better peanut butter making technology

Which of the following will cause an INCREASE IN DEMAND for snowboards?

• More costly production methods

• A decrease in the price of lift tickets at resorts in Colorado

• A decrease in consumer income

• A decrease in the population

Which statement expresses a central idea of how the laws of supply and demand work?

• The government sets the prices for goods and services.

• Prices are determined by the interaction of producers and consumers.

• Consumers alone determine the prices for goods and services.

• Technology dictates the prices charged for goods and services.

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.