POSTCAP EQUILIBRIUM

Point at which supply and demand come together

• price ceiling
• excess demand
• equilibrium
• disequilibrium

When quantity supplied exceeds quantity demanded at a certain price.

• shortage
• fad
• search costs
• surplus

When quantity demanded exceeds quantity supplied at a certain cost

• shortage
• fad
• search costs
• surplus

Equilibrium in a market means which of the following?

• the point at which quantity supplied and quantity demanded are the same
• the point at which unsold goods begin to pile up
• the point at which suppliers begin to reduce prices

Business conducted without regard for government controls

• rationing
• black market
• supply shock
• free market

Which of the following is another name for excess demand?

• shortage
• surplus
• equilibrium
• disequilibrium

Which of the following is another name for excess supply?

• shortage
• surplus
• equilibrium
• disequilibrium

At which price is equilibrium?

• $1.00
• $1.25
• $1.50
• $1.75

At which quantity does supply and demand reach equilibrium? 

• 500
• 600
• 700
• 800

The equilibrium price is the price at which...

• demand and supply curves intersect

• consumers start reducing demand

• producers’ total revenue is highest

• neither demand nor supply will shift