Equilibrium - Supply & Demand

Equilibrium - Supply & Demand

11th Grade

41 Qs

quiz-placeholder

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Equilibrium - Supply & Demand

Equilibrium - Supply & Demand

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Patrick Aiello

Used 1+ times

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41 questions

Show all answers

1.

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

2.

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

3.

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

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

6.

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

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following demonstrates price equilibrium?

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