Equilibrium Prices

Supply depends on the willingness and ability of...

• consumers to purchase

• producers to sell

• donors to contribute

• advertisers to promote

The Law of Demand states that as price decreases...

• Quantity demanded decreases

• Quantity demanded increases

• Production increases

• Quality Decreases

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

A situation in which a minimum price is set is referred to as

• a shortage

• a surplus

• a price ceiling

• a price floor

A situation in which a maximum price is set is referred to as

• a shortage

• a surplus

• a price ceiling

• a price floor

Which of the following demonstrates price equilibrium?

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Which of these demonstrates a surplus of goods?

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Which of these demonstrates a shortage of goods?

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