In economics, a shortage of a product occurs when: the product's price falls below its market-clearing level, the product's market-clearing level reduces overall demand, the people who buy the product consume more than they need, the businesses producing the product become less efficient

ECON Final Exam

Flashcard
•
Social Studies
•
12th Grade
•
Hard
Quizizz Content
FREE Resource
Student preview

122 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Back
the product's price falls below its market-clearing level
2.
FLASHCARD QUESTION
Front
When there is a shortage, the price will usually?
Back
rise
3.
FLASHCARD QUESTION
Front
What is the equilibrium quantity?
Back
70
4.
FLASHCARD QUESTION
Front
If the price is $2, there will be...
Back
A shortage of 45
5.
FLASHCARD QUESTION
Front
In order to reduce shortages, business owners will likely ____ prices.
Back
increase
6.
FLASHCARD QUESTION
Front
What is the major difference between scarcity and a shortage?
Back
Shortages are temporary and scarcity always exist.
7.
FLASHCARD QUESTION
Front
The market equilibrium price is the price at which:
Back
the quantity demanded is the same as the quantity supplied
Create a free account and access millions of resources
Similar Resources on Quizizz
96 questions
Econ Exam Review

Flashcard
•
10th Grade
112 questions
Econ 3 Test

Flashcard
•
University
104 questions
Economics Final Exam

Flashcard
•
12th Grade - University
100 questions
Business Essentials Practice

Flashcard
•
11th Grade
98 questions
Economics Flashcards

Flashcard
•
11th Grade
98 questions
Economics Final Exam

Flashcard
•
11th Grade
98 questions
Business and Economics Glossary

Flashcard
•
KG
100 questions
BE 2.00 EOC Review

Flashcard
•
9th - 12th Grade
Popular Resources on Quizizz
10 questions
Chains by Laurie Halse Anderson Chapters 1-3 Quiz

Quiz
•
6th Grade
20 questions
math review

Quiz
•
4th Grade
15 questions
Character Analysis

Quiz
•
4th Grade
12 questions
Multiplying Fractions

Quiz
•
6th Grade
30 questions
Biology Regents Review #1

Quiz
•
9th Grade
20 questions
Reading Comprehension

Quiz
•
5th Grade
20 questions
Types of Credit

Quiz
•
9th - 12th Grade
50 questions
Biology Regents Review: Structure & Function

Quiz
•
9th - 12th Grade