Market equilibrium

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

What is the Equilibrium Quantity?

• 50
• 60
• 70
• 80

When quantity supplied is smaller than quantity demanded, you have a ____________.

• shortage

• surplus

• deficit

• equilibrium

Point at which supply and demand curve intersect each other

• price ceiling

• excess demand

• equilibrium

• disequilibrium

What is the equilibrium quantity in this graph?

• $1.50
• $1.00
• 600
• 800

A situation in which the quantity supplied is greater than the quantity demanded is

• a shortage

• a surplus

• a price floor

• a price ceiling

Price is currently above equilibrium. This will create excess__________. We would expect price to ___________.

• demand; increase

• demand; decrease

• supply; increase

• supply; decrease

"holding all else equal, when the price of a good rises, suppliers increase their quantity supplied for that good"

• law of supply

• law of demand

• law of equilibrium

• opportunity cost

Any price where quantity demanded is not equal to the quantity supplied is known as disequilibrium.

• true

• false

What is the state in which market supply and demand balance each other, and as a result prices become stable?

• Market Price

• Market Equilibrium

• Market Disequilibrium