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Surplus and Shortage 5 Flashcards | StudBud
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Surplus and Shortage 5
Surplus and Shortage 5
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Questions
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Answers
1
Surpluses occur only at prices
above
equilibrium price.
False
True
2
Is the price floor above or below the price ceiling?
Below
It depends
It's the same
Above
3
Supply changes cause changes to _____ price.
Shortage
Surplus
Equilibrium
Demand
4
Shortage is when supply is greater than demand.
True
False
5
What would likely happen in this situation?
Demand goes down
Demand goes up
Demand doesn't change
Supply goes up
6
The formula for surplus is...
None of these
Qs>Qd
Qd>Qs
Qd=Qs
7
Shortages occur at...
prices below equilibrium price
none of the above
prices at equilibrium price
prices above equilibrium price
8
Surplus occurs when...
prices are above equilibrium price
none of the above
prices below equilibrium price
prices are at equilibrium price
9
What is this an example of?
Surplus
Equilibrium
Changes In Income
Shortage
10
The formula for shortage is...
Qd>Qs
Qs=Qd
None of these
Qs>Qd
