Economy-Ch 4 (Market Equilibrium)

Economy-Ch 4 (Market Equilibrium)

University

20 Qs

quiz-placeholder

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Economy-Ch 4 (Market Equilibrium)

Economy-Ch 4 (Market Equilibrium)

Assessment

Quiz

Other

University

Medium

Created by

Amier Nadzry

Used 79+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price is currently above equilibrium.

This will create excess _ .We should expect price to _.

demand/increase

supply/decrease

demand/decrease

supply/increase

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

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

Market price

Market disequilibrium

Market equilibrium

Price ceiling

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When quantity supplied is smaller than quantity demand, you have a _?

Surplus

Equilibrium

Deficit

Shortage

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An under supply or shortage causes prices to go up resulting in less demand.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Point of which supply and demand curve intersect each other?

Price ceiling

Excess demand

Equilibrium

Disequilibrium

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is characterized by changes in condition where supply and demand are out of balance?

Market price

Market Disequilibrium

Market Equilibrium

Price ceiling

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Surplus

equilibrium

Shortage

Excess demand

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