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Equilibrium
Equilibrium
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Terms for Equilibrium
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
A technology increases supply and demand falls at the same time, how is equilibrium affected?
price falls and quantity uncertain
price rises and quantity falls
price uncertain and quantity falls
no change
2
When quantity demanded and quantity supplied are not the same in a market.
Disequilibrium
Equilibrium
The supply curve shifts
The demand curve shifts
3
When supply rises and demand stays the same, what happens to the equilibrium quantity?
goes down
goes up
stays the same
goes down then up over time
4
Which of these events causes the supply curve to move to the left?
an attitude change
a rise in the cost of materials
more producers are added
a government subsidy
5
If a demand curve shifts out with no change in supply, what happens to price and quantity?
Price rises while quantity falls
They both fall
They both rise
Quantity rises while price falls
6
When the quantity demanded is greater than the quantity supplied.
a shortage occurs
equilibrium is achieved
a price floor is created
a surplus occurs
7
When the quantity demanded and quantity supplied are equal to each other.
Disequilibrium
Surplus
Equilibrium
Shortage
8
What is the result of an increase in supply to equilibrium?
Price falls and quantity rises
Price and quantity both fall
Quantity falls and price rises
Price and quantity both rise
9
What is the purpose of a price floor?
to get back to equilibrium
to keep prices low
to create shortages
to keep the price high
10
If both demand and supply shift out, what do we know for certain?
the price rises
the price falls
the quantity rises
the quantity falls
11
What happens to equilibrium if both demand and supply shifts to the left?
price and quantity both fall
price falls but quantity is uncertain
quantity falls but price is uncertain
price and quantity both rise
12
A rent control is an example of this.
a price ceiling
a shift in supply
a surplus
a price floor
13
What is the result to equilibrium when the price of a complementary product rises?
price and quantity both rise
price falls and quantity rises
price and quantity both fall
price rises and quantity falls
14
A policy that created a surplus in the economy.
a price floor
a shortage of workers
a price ceiling
a subsidy or tax
15
When the cost of labor falls, what is the effect on equilibrium?
demand shifts out
supply shifts in
supply shifts out
demand shifts in
