NEW
Font size
WorksheetsA.p Quiz
Total questions: 12
Worksheet time: 6mins
What happens at the equilibrium point?
There is a surplus
Quantity supplied is greater than quantity demanded
Quantity demanded is greater than quantity supplied
Quantity demanded equals quantity supplied
What does Qd represent in the demand equation?
Equilibrium quantity
Price
Quantity demanded
Quantity supplied
What is the formula for quantity demanded given in the text?
Qd = 16 + 2P
Qd = 16 - 2P
Qd = 2 + 5P
Qd = 5P - 2
What does the supply curve represent?
The market surplus
The relationship between price and quantity supplied
The relationship between price and quantity demanded
The equilibrium price
What is the equilibrium quantity of soda when the price is $2?
10
12
14
16
What happens if the market is not in equilibrium?
Market forces will push it to equilibrium
Prices will remain constant
Supply will decrease
Demand will increase
What is the effect of good weather on the supply of salmon?
No effect
Increases supply
Decreases supply
Causes a surplus
What is the first step in finding equilibrium using the four-step process?
Determine the effect on supply
Draw demand and supply curves
Identify the new equilibrium
Analyze economic changes
What does economic efficiency mean in a competitive market?
Maximizing profits for producers
Balancing supply and demand
Improving one party's situation without harming another
Creating a surplus
What happens to the demand curve for print news as more people turn to digital sources?
Becomes vertical
Remains unchanged
Shifts to the left
Shifts to the right
What is the equilibrium condition in a market?
Qd + Qs = 0
Qd > Qs
Qd < Qs
Qd = Qs
What does a leftward shift in the demand curve indicate?
Increased demand
Stable demand
Decreased demand
Increased supply
