Market Equilibrium NCEA Level 1 Revision
11th Grade
•10 Qs
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Market Equilibrium NCEA Level 1 Revision
Quiz
•
Other, Social Studies, Business
•
11th Grade
•
Practice Problem
•
Easy
Naomi Chapman
Used 5+ times
FREE Resource
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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
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