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- 1. Multiple Choice
"holding all else equal, when the price of a good rises, suppliers increase their quantity supplied for that good"
law of supply
law of demand
law of equilibrium
opportunity cost
- 2. Multiple Choice
the price where the quantity supplied equals the quantity demanded is known as
opportunity cost
demand curve
marginal analysis
market equilibrium
- 3. Multiple Choice
When the quantity demanded is greater than the quantity supplied it is known as
equilibrium
a shortage
a surplus
an opportunity cost
- 4. Multiple Choice
Any price where quantity demanded is not equal to the quantity supplied is known as disequilibrium.
true
false
- 5. Multiple Choice
Which of the following is a way that a firm can eliminate a surplus?
raise prices
create a new product
offer a sale on the item
- 6. Multiple Choice
When demand increases, the equilibrium price and quantity supplied will both
increase
decrease
stay the same
- 7. Multiple Choice
Suppose that the market for coats is described as follows: What is the equilibrium price of coats?
120
100
80
60
- 8. Multiple Choice
Suppose the government sets a price ceiling of $80. How large will the shortage be?
5 million coats
4 million coats
3 million coats
2 million coats
- 9. Multiple ChoiceWhat is the Equilibrium Price?1234
- 10. Multiple ChoiceWhat is the Equilibrium Quantity?50607080
- Answer choicesTagsAnswer choicesTags