Eco - Chapter 7 - Supply and Demand
Authored by Anthony Rizzo
Social Studies
12th Grade
Used 1+ times
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27 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
price at which the amount producers are willing to supply is equal to the amount consumers are willing to buy
equilibrium price
demand
surplus
supply
rationing
2.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
process of freely exchanging goods and services between buyers and sellers
market
demand
surplus
supply
rationing
3.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
amount that producers are willing to sell at various prices
supply
demand
surplus
rationing
shortage
4.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
amount of a good or service that consumers are able and willing to buy at various possible prices
demand
surplus
supply
rationing
shortage
5.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
situation in which quantity supplied is greater than quantity demanded
surplus
demand
supply
rationing
shortage
6.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
the distribution of goods and services based on something other than price
rationing
demand
surplus
supply
shortage
7.
MULTIPLE CHOICE QUESTION
30 sec • 3 pts
legal maximum price that may be charged for a particular good or service
price ceiling
demand
surplus
supply
rationing
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