WorksheetsMarket Equilibrium
Total questions: 9
Worksheet time: 5mins
When quantity supplied is smaller than quantity demanded, you have a _____
shortage
surplus
equilibrium
deficit
A situation in which the quantity supplied is greater than the quantity demanded is
a shortage
a surplus
a price floor
a price ceiling
When the quantity consumers are willing and able to buy equals the quantity producers are willing and able to sell id called
Surplus
Market Exchange
Market Equilibrium
Shortage
Who is the Father of Economics and proposed the idea of an invisible hand?
Henri Fayol
Adam Smith
Brian Adams
David Ricardo
Some things that can lead to a shortage are...
low demand
low prices
not enough resources
not enough resources
Shortages tend to have what effect on prices?
Prices go down
Prices go up
Prices remain stagnant
nothing
Which of the following is a way that a firm can eliminate a surplus?
raise prices
create a new product
offer a sale on the item
recession period
The costs of time and information needed to carry out market exchange.
Invisible hand
Market change
Role of Prices
Transaction Costs
a metaphor for the unseen forces that move the free market economy
Transaction costs
Market Equilibrium
Invisible hand
Market Exchange
