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Equilibrium and Elasticity Quiz

Authored by Elliott London

Social Studies

11th Grade

Equilibrium and Elasticity Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a shortage

a surplus

a price ceiling

a price floor

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

a shortage

a surplus

a price ceiling

a price floor

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Which of the following demonstrates price equilibrium?

Media Image
Media Image
Media Image
Media Image

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

shortage
fad
search costs
surplus

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

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

$1.00

$1.25

$1.50

$1.75

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