Equilibrium Prices

Equilibrium Prices

11th - 12th Grade

30 Qs

quiz-placeholder

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Equilibrium Prices

Equilibrium Prices

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Clint Milliron

Used 10+ times

FREE Resource

30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Supply depends on the willingness and ability of...

consumers to purchase

producers to sell

donors to contribute

advertisers to promote

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Quantity demanded decreases

Quantity demanded increases

Production increases

Quality Decreases

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a shortage

a surplus

a price floor

a price ceiling

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a shortage

a surplus

a price floor

a price ceiling

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a shortage

a surplus

a price ceiling

a price floor

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a shortage

a surplus

a price ceiling

a price floor

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