Question 1

An increase in demand (rightward shift), with supply unchanged, will lead to:

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Question 2

The equilibrium price is also known as the market-clearing price because:

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Question 3

Producer surplus is the difference between:

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Question 4

Explain what is meant by excess demand.

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Question 5

If the market price is below the equilibrium price, there will be:

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Question 6

Producer surplus is the difference between:

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Question 7

A decrease in supply (leftward shift), with demand unchanged, will lead to:

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Question 8

Consumer surplus is the difference between:

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Question 9

If the market price is above the equilibrium price, there will be:

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Question 10

Explain what is meant by excess supply.

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Question 11

Define the term equilibrium price.

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Question 12

Define the term equilibrium quantity.

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Question 13

Explain what is meant by excess demand.

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Question 14

Explain what is meant by excess supply.

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Question 15

Market equilibrium occurs when:

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Question 16

If the market price is above the equilibrium price, there will be:

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Question 17

If the market price is below the equilibrium price, there will be:

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Question 18

The equilibrium price is also known as the market-clearing price because:

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Question 19

An increase in demand (rightward shift), with supply unchanged, will lead to:

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Question 20

Define the term equilibrium quantity.

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Topic 2.3: Competitive Market Equilibrium Questions

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