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- 1. Multiple Choice
Define market equilibrium
Where quantity demanded is less than quantity supplied
Where quantity demanded is greater than quantity supplied
Where quantity demanded is equal to quantity supplied
- 2. Multiple Choice
Define a shortage
Where quantity demanded is less than quantity supplied
Where quantity demanded is greater than quantity supplied
Where quantity demanded is equal to quantity supplied
- 3. Multiple Choice
Define a surplus
Where quantity demanded is less than quantity supplied
Where quantity demanded is greater than quantity supplied
Where quantity demanded is equal to quantity supplied
- 4. Multiple Choice
Which statement below would be the most correct to describe the equilibrium price?
$600
$600 per month
$500 per month
$700
- 5. Multiple Choice
Which statement below would be the most correct to describe the equilibrium quantity ?
15 rental houses
15000
15000 rental houses
15
- 6. Multiple Choice
If the current price is $800, which of the following would be the best description for the situation that exists in the market
There is a shortage of 12 houses
There is a shortage of 12000 houses
There is a surplus of 12
There is a surplus of 12000 houses
- 7. Multiple Choice
If the current price is $300, which of the following would be the best description for the situation that exists in the market
There is a shortage of 18 houses
There is a shortage of 18000 houses
There is a surplus of 18
There is a surplus of 18000 houses
- 8. Multiple Choice
If the current price is $800, how will market equilibrium be restored?
Consumers will bid up the price
Producers will lower the price
The price will not change
- 9. Multiple Choice
If the current price is $300, how would market equilibrium be restored?
Consumers will bid up the price
Producers will lower the price
The price will not change
- 10. Multiple Choice
If the current price is $300, how many houses will be sold ?
6000 houses
24000 houses
15000 houses
- 11. Multiple Choice
If the current price is $800, how many houses will be sold?
24000 houses
9000 houses
15000 houses
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