Multiple choice r1. Equilibrium ra. is a concept unique to economIcs rb. always occurs where supply equals demand rC. results when opposing forces fail to cancel each other out rd indicates balance re all of the above
Multiple Choice 1. Equilibrium a. is a concept unique to economics. b. always occurs where supply equals demand. c. results when opposing forces fail to cancel each other out. d. indicates balance. e. all of the above
r2. In the supply and demand model, equilibrium occurs when r a. all buyers and sellers are satisfied with their respective quantities at the market p rice rb. supply and demand intersect rc. quantity supplied equals quantity demanded rd. the price has no tendency to change e. all of the above
2 . In the supply and demand model, equilibrium occurs when a. all buyers and sellers are satisfied with their respective quantities at the market price. b. supply and demand intersect. c. quantity supplied equals quantity demanded. d. the price has no tendency to change. e. all of the above
r3. A price above equilibrium price will lead to a(n) a. surplus. rb. shortage excess demand rd. price increase re none of the above
3. A price above equilibrium price will lead to a(n) a. surplus. b. shortage. c. excess demand. d. price increase. e none of the above
4, To have an effect on a market a price ceiling must a. be above equilibrium rb. be equal to equilibrium rC. be below equilibrium d. result in a surplus e none of the above
4. To have an effect on a market, a price ceiling must a. be above equilibrium. b. be equal to equilibrium. c. be below equilibrium. d. result in a surplus. e none of the above
r 5. The socially optimal quantity arinze ra. economic surplus. rb. producer surplus rC. consumer surplus rd. quantity demanded re quantity supplied
5. The socially optimal quantity maximizes a. economic surplus. b. producer surplus. c. consumer surplus. d. quantity demanded. e quantity supplied