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CH 6 ECON: Demand, Supply, and Prices

Authored by Wilda Menzie

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CH 6 ECON: Demand, Supply, and Prices
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108 questions

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1.

OPEN ENDED QUESTION

30 sec • 1 pt

market equilibrium

Evaluate responses using AI:

OFF

Answer explanation

occurs when the quantity demanded and the quantity supplied at a particular price are equal

2.

OPEN ENDED QUESTION

30 sec • 1 pt

equilibrium price

Evaluate responses using AI:

OFF

Answer explanation

is the price @ which the quantity demanded and the quantity supplied are equal

3.

OPEN ENDED QUESTION

30 sec • 1 pt

surplus

Evaluate responses using AI:

OFF

Answer explanation

is the result of quantity supplied being greater than quantity demanded

4.

OPEN ENDED QUESTION

30 sec • 1 pt

shortage

Evaluate responses using AI:

OFF

Answer explanation

is the result of quantity demanded being greater than quantity supplied

5.

OPEN ENDED QUESTION

30 sec • 1 pt

disequilibrium

Evaluate responses using AI:

OFF

Answer explanation

occurs when quantity demanded and quantity supplied are not in balance

6.

OPEN ENDED QUESTION

30 sec • 1 pt

competitive pricing

Evaluate responses using AI:

OFF

Answer explanation

occurs when producers sell products @ lower prices to lure customers away from rival producers, while still making a profit

7.

OPEN ENDED QUESTION

30 sec • 1 pt

incentive

Evaluate responses using AI:

OFF

Answer explanation

encourages people to act in certain ways

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