13ECON 3.1 Market Equalibrium - Quiz 1

The monetary gain of producers when selling a product for more than they wanted to receive

When demand increases, what is the reaction of Suppliers of the Good or Service?

In the Acronym PETROLC - what does T stand for?

Market Equilibrium is the price where the quantity demanded the quantity supplied match

What is the effect... An increase in the rate of GST

In the Acronym TICS - what does T stand for?

When supply decreases, what happens to the supply curve?

Allocative Efficiency only occurs at Market Equalibrium

In the Acronym PETROLC - what does E stand for?

In the Acronym TICS - what does S stand for?

When a surplus of supply occurs in the market what tends to happen

The Quantities that a PRODUCER is willing and able to supply at a range of prices is shown by

In the Acronym PETROLC - what does R stand for?

When supply decreases, what is the reaction of Consumers of the Good or Service?

In the Acronym PETROLC - what does P stand for?

In the Acronym TICS - what does C stand for?

Deadweight Loss occurs if...

What is the Acronym for the Factors that affect Demand?

In the Acronym PETROLC - what does C stand for?

In the Acronym TICS - what does I stand for?

When demand increases, what happens to the demand curve?

What is the Acronym for the factors that affect supply? 

When a shortage occurs in the market what tends to happen

What is the effect... Summer rains bring good pasture growth for farmers

The Quantities that a CONSUMER is willing and able to purchase at a range of prices is shown by

What is the effect... Chocolate becomes "unfashionable"

What is the effect... Tarriffs removed from Imported Goods

The monetary gain of consumers when they buy a product for less than they were willing to pay

In the Acronym PETROLC - what does L stand for?

In the Acronym PETROLC - what does O stand for?