Equilibrium Price Quiz

Equilibrium Price Quiz

12th Grade

38 Qs

quiz-placeholder

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Equilibrium Price Quiz

Equilibrium Price Quiz

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Amber Soofi

FREE Resource

38 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the equilibrium price represent?

The price where quantity demanded exceeds quantity supplied

The price where quantity supplied exceeds quantity demanded

The price where quantity demanded equals quantity supplied

The price set by government regulation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price in a market is above the equilibrium price, this creates ___________.

A shortage

A surplus

Neither a shortage nor a surplus

Elastic supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is a surplus, what do sellers typically do?

Increase their prices

Lower their prices

Keep their prices the same

Stop selling

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens when the price is below the equilibrium price?

A surplus occurs

The quantity demanded exceeds the quantity supplied

Buyers stop competing

Prices stabilize

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is it called when the price is below the equilibrium price?

a shortage

a surplus

neither a shortage nor a surplus

marginal utility

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is a shortage, what do sellers typically do?

Increase their prices

Lower their prices

Keep their prices the same

Stop selling

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium price?

When quantity demanded is greater than quantity supplied

When quantity supplied is greater than quantity demanded

When quantity demanded equals quantity supplied

When there is a surplus in the market

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