Econ Test 2

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

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

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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• 

A presidential candidate promises that if elected, they will ensure that nobody will spend more than 20% of their monthly income on housing. What concept is this candidate promising?

• housing equilibrium

• a housing surplus

• a housing price floor

• a housing price ceiling