What does the equilibrium price represent?

Equilibrium Price Quiz

Quiz
•
Social Studies
•
12th Grade
•
Hard

Amber Soofi
FREE Resource
38 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
Create a free account and access millions of resources
Similar Resources on Wayground
42 questions
Unit 2 Test: Microeconomics

Quiz
•
12th Grade
34 questions
Econ Midterm Review

Quiz
•
12th Grade
33 questions
Economics Trade-Offs Opportunity Cost Scarcity Cost Benefit Analysis Thinking at the Margin Supply and Demand

Quiz
•
12th Grade - University
36 questions
Economics Vocabulary Review

Quiz
•
9th - 12th Grade
35 questions
Economics Quiz

Quiz
•
12th Grade
42 questions
Unit IV AP Microeconomics

Quiz
•
12th Grade
33 questions
AP Eco Unit 1 Exam

Quiz
•
11th - 12th Grade
33 questions
Supply and Demand

Quiz
•
9th - 12th Grade
Popular Resources on Wayground
25 questions
Equations of Circles

Quiz
•
10th - 11th Grade
30 questions
Week 5 Memory Builder 1 (Multiplication and Division Facts)

Quiz
•
9th Grade
33 questions
Unit 3 Summative - Summer School: Immune System

Quiz
•
10th Grade
10 questions
Writing and Identifying Ratios Practice

Quiz
•
5th - 6th Grade
36 questions
Prime and Composite Numbers

Quiz
•
5th Grade
14 questions
Exterior and Interior angles of Polygons

Quiz
•
8th Grade
37 questions
Camp Re-cap Week 1 (no regression)

Quiz
•
9th - 12th Grade
46 questions
Biology Semester 1 Review

Quiz
•
10th Grade