NEW
Font size
WorksheetsMARKET EQUILIBRIUM
Total questions: 13
Worksheet time: 5mins
When quantity demand smaller than quantity supply the price will usually?
increase
decrease
remain the same
equilibrium
1
2
3
4
50
60
70
80
Point at which supply and demand curve intersect each other
price ceiling
excess demand
equilibrium
disequilibrium
When the quantity demanded is greater than the quantity supplied it is known as
equilibrium
a shortage
a surplus
an opportunity cost
Any price where quantity demanded is not equal to the quantity supplied is known as disequilibrium.
true
false
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
When demand increases, the equilibrium price and quantity supplied will both
increase
decrease
stay the same
Suppose that the market for coats is described as follows: What is the equilibrium price of coats?
120
100
80
60
Suppose the government sets a price ceiling of $80. How large will the shortage be?
5 million coats
4 million coats
3 million coats
2 million coats
