3.1 Quiz Price

What is Ceretis Paribus?

• all things being equal

• The ultimate spell that changes celery to parcely

• unequal price

• Fushigi

Draw the Equilibrium scale

(a)  

(b)  

(c)  

(d)  

(e)  

• Equilibrium
• Above Equilibrium
• Below Equilibrium
• excess supply
• excess demand

Excess demand =

• Win for the producer

• Shortage

• Surplus

• Higher Prices

Excess Supply =

• Excess demand

• Lower cost to the consumer

• Surplus

• Low Profit Margin

The equilibrium price is the only price where the plans of consumers and the plans of producers agree—that

• True

• False