Market equilibrium

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

• shortage

• surplus

• equilibrium

What happens to the market when the chocolate bars are priced at $4 each?

• surplus

• shortage

• equilibrium

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

• Market Price

• Market Equilibrium

• Market Disequilibrium

What is the equilibrium quantity in this graph?

• $1.50
• $1.00
• 600
• 800

What happens when there is excess demand - that is quantity demanded is greater than quantity supplied?

• Market Surplus

• Market Shortage

• Market Equilibrium

Point at which supply and demand curve intersect each other

• price ceiling

• excess demand

• equilibrium

• disequilibrium

A situation in which the quantity supplied is greater than the quantity demanded is

• a shortage

• a surplus

• a price floor

• a price ceiling

When quantity supplied is smaller than quantity demanded, you have a ____________.

• shortage

• surplus

• deficit

• equilibrium

"holding all else equal, when the price of a good rises, suppliers increase their quantity supplied for that good"

• law of supply

• law of demand

• law of equilibrium

• opportunity cost

Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?

• $7, 20.

• $7, 60.

• $5, 40.

• $3, 60.