Chapter 6: Supply and Demand

Select the definition of Market Equilibrium:

• When the Quantity Demanded is equal to the Quantity Supplied.

• When the Quantity Demanded is equal to the Price Demanded.

• When there is a change in supply that results in a shortage.

• When the Quantity Demanded is not equal to the Quantity Supplied.

What is the Equilibrium Price?

• The Lowest Price at which a Producer can make a Profit

• The Price where the Market is at Equilibrium

• The Price at which the Quantity Demanded is equal to the Quantity Supplied

• The Price where the consumers get to have the most products

True or False: The Market is always trying to reach Equilibrium

• True

• False

In Reality, Is the Market always at Equilibrium? (Why/Why Not?)

What is the Equilibrium Price?

• $20

• $15

• $10

• $5

Which equation explains Disequilibrium?

At what price will there start to be a Shortage?

• When P < $1.40

• When P > $1.40

• When P = $1.60

• When P < $1.40

Why might Consumers want a Surplus?