Econ 4

A market for a product reaches equilibrium when

There is an excess demand in a market for a product when

There is a surplus in a market for a product when

There is a shortage in a market for a product when:

There is excess production of tomatoes in the market. This implies that

In competitive markets, surpluses or shortages will

In this market, the equilibrium price is ____ and equilibrium quantity is ___

There would be excess production of milk whenever the price is

In this competitive market, the price and quantity will settle at

There will be a shortage whenever the price is

In competitive markets, a surplus or shortage will

If the price in this market is $4 per bushel, there will be a

If the price in this market is fixed at $2 per bushel, then

At a price of $15 per unit, which of the following would exist?

Picture a competitive market with the usual upsloping supply curve and downsloping demand curve. If the current price is creating a shortage, then market forces will cause the price to adjust and

If the price in this market was $4

Which is of the following statements is correct?

Which of the following could not explain the indicated increase in equilibrium price from P1 to P2?

Which of the following would best explain why the shift in demand from D1 to D2 would cause price to rise from P1 to P2?

Refer to the graph, which shows that the demand for beef shifted from D1 and D2. The change in equilibrium from E1 to E2 is most likely to result from a(n)

Select the graph above that best shows the change in the market for leather coats when leather coats become more fashionable among young consumers.

Select the graph above that best shows the change in the market for chicken when the price of a substitute, such as beef, decreases.

If demand decreased by 4 units at each price, what would the new equilibrium price and quantity be?

A headline reads "Lumber Prices Up Sharply." In a competitive market, this situation would lead to a(n)

A television station reports that the price of coffee has increased but the quantity traded in the market has decreased. This situation would be caused by a(n)

Select the graph above that best shows the change in the digital camera market when the productivity of workers who produce cameras increases.

Which diagram above illustrates the effects on the peanut butter market, if severe flooding destroys a large portion of the peanut crop in the economy?

Which diagram above illustrates the effect on the natural-gas market, with the widespread use of "fracking" or hydraulic fracturing by gas-drilling companies?

A decrease in demand and an increase in supply will

What combination of changes would most likely decrease the equilibrium price?

In which graph would the indicated shifts cause equilibrium quantity to definitely rise, but the effect on price is indeterminate?

If a price ceiling is set below the equilibrium price in a market

If a price ceiling is set above the equilibrium price in a market

A price ceiling of $10 per unit will result in a

A black market where the price is $2.00 could result from a price

Which of the following is an example of a price ceiling?

What quantity will buyers be able to buy after the imposition of the price ceiling?

If a price floor is set above the equilibrium price in a market

A government-set price floor on a product

Use the following graph for a competitive market to answer the question below.

In a market with supply and demand curves as shown above, a price floor of $2.50 will result in

A government will create a surplus in a market when it sets a price

What quantity will the sellers be able to sell after the imposition of the price floor?