2.3 Equilibrium
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Standards-aligned
Yelena Melnichenko
Used 2+ times
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10 questions
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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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