2.3 Equilibrium

2.3 Equilibrium

12th Grade

10 Qs

quiz-placeholder

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2.3 Equilibrium

2.3 Equilibrium

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Medium

DOK Level 1: Recall

Standards-aligned

Created by

Yelena Melnichenko

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of equilibrium price?

The price at which the quantity demanded equals the quantity supplied

The price at which the quantity demanded exceeds the quantity supplied

The price at which the quantity supplied exceeds the quantity demanded

The price set by the government to control inflation

Tags

DOK Level 1: Recall

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes equilibrium quantity?

The quantity at which the market is in surplus

The quantity at which the market is in shortage

The quantity at which the quantity demanded equals the quantity supplied

The quantity set by the government to control inflation

Tags

DOK Level 1: Recall

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when there is a surplus in the market?

The quantity demanded exceeds the quantity supplied

The quantity supplied exceeds the quantity demanded

The market is in equilibrium

The government sets a price floor

Tags

DOK Level 1: Recall

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a shortage in the market?

When the quantity demanded exceeds the quantity supplied

When the quantity supplied exceeds the quantity demanded

When the market is in equilibrium

When the government sets a price ceiling

Tags

DOK Level 1: Recall

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a price ceiling?

Minimum wage laws

Rent control laws

Agricultural price supports

Luxury tax

Tags

DOK Level 1: Recall

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a price floor?

Rent control laws

Minimum wage laws

Price caps on essential goods

Tax rebates

Tags

DOK Level 1: Recall

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following demonstrates price equilibrium?

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