What happens at the equilibrium point?

• There is a surplus

• Quantity supplied is greater than quantity demanded

• Quantity demanded is greater than quantity supplied

• Quantity demanded equals quantity supplied

What does Qd represent in the demand equation?

• Equilibrium quantity

• Price

• Quantity demanded

• Quantity supplied

What is the formula for quantity demanded given in the text?

• Qd = 16 + 2P

• Qd = 16 - 2P

• Qd = 2 + 5P

• Qd = 5P - 2

What does the supply curve represent?

• The market surplus

• The relationship between price and quantity supplied

• The relationship between price and quantity demanded

• The equilibrium price

What is the equilibrium quantity of soda when the price is $2?

• 10

• 12

• 14

• 16

What happens if the market is not in equilibrium?

• Market forces will push it to equilibrium

• Prices will remain constant

• Supply will decrease

• Demand will increase

What is the effect of good weather on the supply of salmon?

• No effect

• Increases supply

• Decreases supply

• Causes a surplus

What is the first step in finding equilibrium using the four-step process?

• Determine the effect on supply

• Draw demand and supply curves

• Identify the new equilibrium

• Analyze economic changes

What does economic efficiency mean in a competitive market?

• Maximizing profits for producers

• Balancing supply and demand

• Improving one party's situation without harming another

• Creating a surplus

What happens to the demand curve for print news as more people turn to digital sources?

• Becomes vertical

• Remains unchanged

• Shifts to the left

• Shifts to the right