Market Equilibrium NCEA Level 1 Revision
Authored by Naomi Chapman
Other, Social Studies, Business
11th Grade
Used 5+ times
AI Actions
Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...
Content View
Student View
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the market situation when the price is $1.60 per gallon of gasoline?
Surplus
Shortage
Equilibrium
Law of demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the market situation when the price is $1.40 per gallon of gasoline?
Surplus
Shortage
Equilibrium
Law of demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the market situation when the price is $1.00 per gallon of gasoline?
Surplus
Shortage
Equilibrium
Law of demand
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do you call the market situation where supply is equal to demand?
Surplus
Shortage
Equilibrium
Law of demand
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do you call the market situation where quantity supplied is greater than quantity demanded?
Surplus
Shortage
Equilibrium
Law of supply
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do you call the market situation where the quantity demanded is greater than the quantity supplied?
Surplus
Shortage
Equilibrium
Law of demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price stays unchanged at $1.40 but the quantity demanded increases to 800 million gallons. What market situation will this create?
Surplus
Shortage
Equilibrium
No change
Access all questions and much more by creating a free account
Create resources
Host any resource
Get auto-graded reports
Continue with Google
Continue with Email
Continue with Classlink
Continue with Clever
or continue with
Microsoft
%20(1).png)
Apple
Others
Already have an account?
