WorksheetsPrice Equilibrium
Total questions: 14
Worksheet time: 11mins
What happens if there is surplus?
Sellers offer their products by lowering the price
Sellers offer their products by raising the price
Buyers are easy to find
Sellers stick to the price they are offering
Which of the following happens when the Qs is greater than the Qd?
Equilibrium
Surplus
Shortage
Consumer surplus
It is an implicit agreement between the buyers and the sellers
Equilibrium
Surplus
Shortage
Waste
The Law of Demand states that as price decreases...
Quantity demanded decreases
Quantity demanded increases
Production increases
Quality Decreases
A review of the jargon: Is the minimum wage a “price ceiling” or a “price floor?
price ceiling
price floor
A review of the jargon: Is rent control a “price ceiling” or a “price floor?”
price ceiling
price floor
Is there a surplus or a shortage when the price is $10?
surplus
shortage
What does this graph illustrate about surplus, shortage, and equilibrium price?
The Price is set above $6 will create a surplus
At $6 dollars, you will have equilibrium.
The price is set below $6 dollars, will c create a shortage
The graph makes no sense
When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied?
Quantity demanded
Quantity supplied.
Indeterminate with the given information.
Neither
Which factor most directly affects the quantity of a good or service supplied in the market?
buyer preferences
the number of consumers
the number of sellers
changes in related goods
What is the result of the price floor in the scenario shown in the graph?
The supply of goods remains constant.
the quantity demanded is equal to the quantity supplied
there is a surplus of available goods
there is a shortage of available goods
Using the chart, determine the impact of household savings on the nation's output of goods and services.
Household savings can boost goods and services to governments.
Household savings can slow down output of goods and services
Household savings mostly impacts the cost of goods and services.
Household savings usually boosts national output of goods and services
