Economics Review 4
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | Market equilibrium occurs when demand equals supply.
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| Define the term market clearing price. | show 🗑
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| True or False? The equilibrium price is where sellers and buyers are satisfied. | show 🗑
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| How is market disequilibrium defined? | show 🗑
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| show | Excess demand occurs when the demand is greater than the supply.
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| show | Excess supply occurs when the supply is greater than the demand.
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| show | Excess demand occurs when product prices are too low or when demand is so high that supply cannot keep up with it.
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| show | Excess supply occurs when product prices are too high or when demand falls unexpectedly.
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| State the meaning of the term shortage. | show 🗑
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| True or False? Shortages arise when the price is above equilibrium. | show 🗑
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| show | Surplus is the term used when there is excess supply in the market (Qs > Qd).
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| What do demand and supply schedules show? | show 🗑
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| show | Dynamic markets are real world markets that are constantly changing.
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| Define the term disequilibrium. | show 🗑
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| show | Market forces seek to clear excess demand or supply.
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| What causes an increase in demand? | show 🗑
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| show | A supply shock is an unexpected event that changes the supply of a good or service, such as the 2011 tsunami in Japan, which created a global supply shock.
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| What is the impact of inflation on demand? | show 🗑
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| What is the aim of a subsidy? | show 🗑
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| True or False? An increase in supply lowers the equilibrium price. | show 🗑
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| show | Sellers usually raise prices in response to excess demand.
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| What is the market's response to excess supply? | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
BethC