Equilibrium Economics

If Tom Brady unretires and wins a Super Bowl, what will happen to the demand curve for Tom Brady jerseys (in theory)?

• It will shift to the right

• It will shift to the left

• It won't shift

• The price will go down

The point at which supply meets demand is known as ___________.

• Equilibrium Point

• Point Equation

• Relativity

• Surplus

Supply meets demand at the equilibrium point.

• True

• False

Point at which supply and demand come together

• price ceiling

• excess demand

• equilibrium

• disequilibrium

At equilibrium price:

• Quantity supplied = quantity demanded

• Price increases to soak up excess demand

• Price decreases to soak up excess supply

• Demand increases in response to the price of related goods

The point of no surplus & no shortage

• equilibrium

• price floor

• utility

• value

In equilibrium economics, what is the term for the situation where quantity supplied equals quantity demanded?

• Equilibrium

• Surplus

• Shortage

• Price Ceiling

Which of the following is a characteristic of market equilibrium?

• Excess supply

• Excess demand

• No excess supply or demand

• Price floor

What happens to prices when a market is in equilibrium?

• Prices rise

• Prices fall

• Prices remain stable

• Prices fluctuate wildly

In the context of equilibrium economics, what does a price ceiling lead to?

• Surplus

• Shortage

• Equilibrium

• Inflation