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WorksheetsLesson 3 problem sets
Total questions: 9
Worksheet time: 2hrs 1mins
What is the equilibrium price?
$14
$13
$4
$16
What is the equilibrium quantity?
1
10
18
12
What is the quantity demanded at a price of $6
9
10
12
18
What is the quantity supplied at a price of 9
3
4
7
5
At a price of 18, is there a shortage or a surplus
Neither
Shortage
Surplus
What is the size of the shortage or surplus at a price of 7
12
11
14
10
If the price is 8 "what will happen to price as the market adjusts to equilibrium" Price will ____
Increase
Decrease
Stay the same
Suppose a new production technology increases the supply of basketballs by 4 units at every possible price. What is the new equilibrium price of basketballs
12
11
14
21
Suppose that the price of gym memberships (a complement to basketballs) decreases, and the demand for basketballs increases by 4 units at every possible price. What is the new equilibrium price of basketballs
16
15
18
12
