C6S1 - Seeking Equilibrium: Demand and Supply

The situation in which the quantity supplied of a good at a particular price is equal to the quantity demanded at that price is called

• market equilibrium

• market disequilibrium

• market shortage

• market surplus

The two curves of a market demand and supply graph intersect at

• one point

• two points

• three points

• four points

The result of quantity supplied being greater than quantity demanded is called

• equilibrium

• rationing

• surplus

• shortage

The result of the quantity demanded being greater than the quantity supplied is called

• equilibrium

• rationing

• surplus

• shortage

A decrease in demand causes equilibrium prices to

• fall

• fluctuate

• stay the same

• rise