Economics Test #3-Combining Supply & Demand

Whenever the market is in disequilibrium, it tries to return to equilibrium.

When demand of a product increases, the curve shifts to the

In which type of economy, can we most often find black markets?

The point where supply and demand is equal is known as

Which of the following terms means an economic side effect?

When the price floor is above the equilibrium, which of the following occurs?

How many points of equilibrium are there on a supply and demand curve?

When supply of a product decreases, the curve shifts to the 

What is an effect of a supply shock?

Driving from store to store in order to find a product is known as a