10 questions
It is an implicit agreement between the buyers and the sellers
Equilibrium
Surplus
Shortage
Waste
Which of the following happens when the Qs is greater than the Qd?
Equilibrium
Surplus
Shortage
Consumer surplus
What happens if there is surplus?
Sellers offer their products by lowering the price
Sellers offer their products by raising the price
Buyers are easy to find
Sellers stick to the price they are offering
What do you call the amount where consumers get what they want and suppliers could sell what they’re offering?
Quantity Demanded
Quantity Supplied
Equilibrium price
Equilibrium quantity
Equilibrium divides the demand curve in to two. What are these parts?
Buyers
Non Sellers
Non Buyers
Sellers
Equilibrium divides the supply curve in to two. What are these parts?
Buyers
Non Buyers
Sellers
Non Sellers
What do you call the difference between the maximum price a consumer is willing to pay and the actual price they do pay?
Surplus
Consumer Surplus
Shortage
Producer Surplus
What is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for?
Shortage
Surplus
Consumer Surplus
Producer Surplus
Which is TRUE about shortage?
The quantity demanded is greater than the quantity supplied.
The quantity demanded is lesser than the quantity supplied.
Sellers take the opportunity to increase their price since there is an urgent need.
Buyers are easy to find because the quantity demanded is high.
What is a waste?
The price set by the supplier is higher than the price that the consumers are willing to pay at a given quantity.
The price set by the supplier is lesser than the price that the consumers are willing to pay at a given quantity.