Equilibrium and Elasticity Quiz

Which of these best defines equilibrium in a market?

• a situation in which quantity supplied is greater than quantity demanded

• a situation in which quantity demanded is greater than quantity supplied

• a situation in which quantity supplied and quantity demanded are equal

• a situation where a minimum price is set

A situation in which a minimum price is set is referred to as

• a shortage

• a surplus

• a price ceiling

• a price floor

A situation in which a maximum price is set is referred to as

• a shortage

• a surplus

• a price ceiling

• a price floor

Which of the following demonstrates price equilibrium?

• 
• 
• 
• 

When quantity supplied exceeds quantity demanded at a certain price, there is a:

• shortage
• fad
• search costs
• surplus

Equilibrium in a market means which of the following?

• the point at which quantity supplied and quantity demanded are the same
• the point at which unsold goods begin to pile up
• the point at which suppliers begin to reduce prices

According to the supply and demand schedule, what is the equilibrium price?

• $1.00

• $1.25

• $1.50

• $1.75

Which of the following products would likely have an inelastic demand?

• Fizzy cola, a carbonated soda

• A meal at an expensive steak house

• auto repair for your car

• Nike's Air Force One's

Which of the following has more elastic demand?

• 
• 
• 
• 

Which of the following has more elastic demand?

• 
• 
• 
•