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Market Equilibrum Flashcards | StudBud

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Market Equilibrum

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Market Equilibrium Period 4 Economics

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Questions 10

Answers

1
What is the point toward which the price system steers the economy?
Shortage
I would be guessing
Equilibrium
Surplus
2
What is equilibrium price?
Where the curve of supply and demand intersect
An amount of something left over
Demand and Supply
Supply is more important
3
What is the situation when the quantity supplied and quantity demanded are at the same price?
When consumers buy enough goods.
Equilibrium
When supply does not meet demand.
Shortage
4
What is a surplus?
Excess of goods
Excess of supply
Excess of demand
Supply and demand meet
5
What is Disequilibrium?
When Supply meets Demand
When supply and demand do not meet
When demand and supply are wrong
When demand doesnt
6
What is a shortage?
When demand and supply do not meet.
Excess of supply.
Excess of goods.
Excess of demand.
7
If the market tells producers they are not charging enough for a product, what may exist?
Surplus
shortage
equilibrium
I would be guessing
8
How do you reach Market Equilibrium?
Lowering the price of your product
Lowering
Lowering the Use
Lowering the Product
9
What is the situation in which demand equals supply?
surplus
shortage
equilibrium
I would be guessing
10
What is it that tells producers they are charging too much for their product?
Surplus
I would be guessing
Equilibrium
Shortage