WorksheetsMarket equilibrium
Total questions: 8
Worksheet time: 10mins
Which of those is not a function of price mechanism?
To give incentives to producers and consumers
To signal information to consumers and producers
To ration scarce resources
To protect smaller suppliers
If the demand is rather elastic and the supply is inelastic then
the consumer surplus is smaller than producer surplus
the producer surplus is smaller than consumer surplus
the producer surplus equals consumer surplus
Calculate the consumer surplus
(a)
If the suppliers where to try to increase the price for a certain good then
excess supply will occur
excess demand will occur
the demand will increase
the quantity demanded will increase
To what can you reference while explaining the concept of market equilibrium in economics? (physics related question)
Newton's first law
Newton's second law
Newton's third law
Freestyle - draw the "invisible hand of the market
In terms of social surplus, what does the supply curve represent?
Marginal social cost
Marginal soviet cooperation
Marginal private cost
Marginal social benefit
A famous instagram influencer promotes protein shakes, they become more popular and the demand for them increases. What will be the result for the protein shakes market, both short and long term?
excess demand
increase in the equilibrium quantity
increase in equilibrium price
decrease in equilibrium price
decrease in the equilibrium quantity
