What is the Equilibrium Quantity?

When demand increases, the equilibrium price and quantity supplied will both

Changes in either demand or supply cause changes in market equilibrium

An increase in supply causes the supply curve to shift to the _____________.

If the cost of one aspect of a good decreases, it becomes cheaper to produce that good, and producers increase supply.

A technological improvement usually leads to a decrease in supply.

A per-unit tax almost always leads to a decrease in supply.

 Which of the following statements is incorrect?

 When suppliers enter a market, supply will ________.

What will happen if there is more supply in the market than there is a demand of the product?

What will happen if there is not enough supply in the market for a demand of the product?

We can represent a market in equilibrium in a graph by showing the combined price and quantity at which the supply and demand curves are parallel to each other.

It refers to the lowest price in buying the products of farmers.

What happens when there is excess demand - that is quantity demanded is greater than quantity supplied?

This is a law which is known as the Price Act to help the government in the implementation of price control on basic commodities.

This is the role of the government when there is surplus in the market.

It refers to the highest price or maximum price declared by the government for a particular product.

What happens to the market when the chocolate bars are priced at $1 each?

What happens to the market when the chocolate bars are priced at $4 each?

The government also implements price freeze if there is calamity.

Subsidy is the help from the government which may be in cash or in kind.

When the household buy goods and services from the output market, they act as consumers. 

When firms process factors of production into finished products, they operate as producers.

Firms can also act as consumers if they buy resources from the input market.