Market Equilibrium

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.

What is the equilibrium quantity in this graph?

• $1.50
• $1.00
• 600
• 800

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

Point at which supply and demand curve intersect each other

• price ceiling

• excess demand

• equilibrium

• disequilibrium

What is the Equilibrium Quantity?

• 50
• 60
• 70
• 80

When quantity supplied is smaller than quantity demanded, you have a ____________.

• shortage

• surplus

• deficit

• equilibrium

Which of these demonstrates a surplus of goods?

• 
• 
• 
• 

Which of these demonstrates a shortage of goods?

• 
• 
• 
• 

Which of the following demonstrates price equilibrium?

• 
• 
• 
• 

Price is currently above equilibrium. This will create excess__________. We would expect price to ___________.

• demand; increase

• demand; decrease

• supply; increase

• supply; decrease