equilibrium price flashcards

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An excise tax on a product will increase ______ price
If a product is in surplus supply, its price is above the equilibrium level
A market is in equilibrium if the amount producers want to sell is equal to the amount consumers want to buy.
If the demand and supply curves for product X are stable, a government-mandated increase in the price of X will increase the quantity supplied and decrease the quantity demanded of X.
The rationing function of prices refers to the capacity of a competitive market to equate the quantity demanded and the quantity supplied.
If there is a shortage of product X the price of the product will _____ rise
At the point where the demand and supply curves intersect there is neither a surplus nor a shortage of the product
when will there be a surplus of a product when consumers want to buy less than producers offer for sale.

An excise tax on a product will increase ______

If a product is in surplus supply, its price

A market is in equilibrium

If the demand and supply curves for product X are stable, a government-mandated increase in the price of X will

The rationing function of prices refers to the

If there is a shortage of product X the price of the product will _____

At the point where the demand and supply curves intersect

when will there be a surplus of a product

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