market equilibrium
CH 6 ECON: Demand, Supply, and Prices
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CH 6 ECON: Demand, Supply, and Prices
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Wilda Menzie
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Easy
108 questions
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1.
OPEN ENDED QUESTION
30 sec • 1 pt
Evaluate responses using AI:
OFF
Answer explanation
occurs when the quantity demanded and the quantity supplied at a particular price are equal
2.
OPEN ENDED QUESTION
30 sec • 1 pt
equilibrium price
Evaluate responses using AI:
OFF
Answer explanation
is the price @ which the quantity demanded and the quantity supplied are equal
3.
OPEN ENDED QUESTION
30 sec • 1 pt
surplus
Evaluate responses using AI:
OFF
Answer explanation
is the result of quantity supplied being greater than quantity demanded
4.
OPEN ENDED QUESTION
30 sec • 1 pt
shortage
Evaluate responses using AI:
OFF
Answer explanation
is the result of quantity demanded being greater than quantity supplied
5.
OPEN ENDED QUESTION
30 sec • 1 pt
disequilibrium
Evaluate responses using AI:
OFF
Answer explanation
occurs when quantity demanded and quantity supplied are not in balance
6.
OPEN ENDED QUESTION
30 sec • 1 pt
competitive pricing
Evaluate responses using AI:
OFF
Answer explanation
occurs when producers sell products @ lower prices to lure customers away from rival producers, while still making a profit
7.
OPEN ENDED QUESTION
30 sec • 1 pt
incentive
Evaluate responses using AI:
OFF
Answer explanation
encourages people to act in certain ways
8.
OPEN ENDED QUESTION
30 sec • 1 pt
price ceiling
Evaluate responses using AI:
OFF
Answer explanation
the legal maximum price that sellers may charge for a product
9.
OPEN ENDED QUESTION
30 sec • 1 pt
price floor
Evaluate responses using AI:
OFF
Answer explanation
is a legal maximum that buyers must pay for a product
10.
OPEN ENDED QUESTION
30 sec • 1 pt
minimum wage
Evaluate responses using AI:
OFF
Answer explanation
legal minimum amount that an employer must pay for one hour of work
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