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Supply, Demand, Equilibrium and Price Flashcards | StudBud
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Supply, Demand, Equilibrium and Price
Supply, Demand, Equilibrium and Price
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1
A price below the point the supply and demand intersect would result in
an equilibrium price
a shortage
a black market
a surplus
2
Black markets can best be described as
Markets that seek to avoidpaying taxes
when goods andservices are illegally bought and sold
Markets in whichequilibrium does not play a role
Markets that seek to avoidpaying taxes
3
The Price System is characterizedby each of the following EXCEPT:
Efficiency
Neutrality
Flexibility
Government intervention
4
A price floor above the eq'm price would be and result in a
non-binding and surplus
binding and shortage
non-binding and shortage
binding & surplus
5
Rationing can result in
decrease in the price of a product
The creation of a black market to meet theshortage
creation of a black market to meet the surplus
An increase in the demand of the product
6
The resulting increase in demand causes
a decrease in the eq'm price
an increase in the eq'm price
7
What can result in disequilibrium of the market?
a. A change in the demand of a product
A change in the minimum wage
a. A change in the quantity supplied
a. A change in the quantity demanded
8
A price above the point the supply and demand intersect would result in
a black market
an equilibrium price
a surplus
a shortage
9
What is a shortage?
Qs > Qd
Qs = Qd
Qs < Qd
10
The red line is representing
a change in the quantity supplied
a change in the supply
a change in the demand
a change in the Quantity demanded
11
What is the equilibrium Price?
Qs = Qd
Qs < Qd
Qs > Qd
12
What is a surplus?
Qs < Qd
Qs > Qd
Qs = Qd
13
Black Markets can best be described as
non-binding and surplus
binding and shortage
non-binding and shortage
binding and surplus
14
The point that the supply and demand intersect would result in
a surplus
an equilibrium price
a black market
a shortage
