Unit 2.2 Equilibrium

Which of these best defines equilibrium in a market?

• A situation in which quantity supplied is greater than quantity demanded.

• A situation in which quantity demanded is greater than quantity supplied.

• A situation in which quantity supplied and quantity demanded are equal.

• A situation where a minimum price is set.

A situation in which the quantity supplied is greater than the quantity demanded is

• a shortage

• a surplus

• a price floor

• a price ceiling

A situation in which quantity demanded is greater than quantity supplied is

• a shortage

• a surplus

• a price floor

• a price ceiling

Market forces are best described as

• supply and demand determining prices

• the government set a minimum price for corn so farmers can make more money

• the government setting a maximum price on gas so people can save money

• a group of buyers and sellers for a particular good or service

Which of the following demonstrates price equilibrium?

• 
• 
• 
• 

Which of these demonstrates a surplus of goods?

• 
• 
• 
• 

Which of these demonstrates a shortage of goods?

• 
• 
• 
• 

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

What is the Equilibrium Quantity?

• 50
• 60
• 70
• 80

Point at which supply and demand curve intersect each other

• price ceiling

• excess demand

• equilibrium

• disequilibrium