9 Market Equilibrium

Question 1

price that balances Qd and Qs

Answer 1

equilibrium price

Question 2

number of Qd and Qs at equilibrium price

Answer 2

equilibrium quantity

Question 3

consumers can buy what they want to buy; producers can sell what they want to sell

Answer 3

market equilibrium

Question 4

prices are the result of the relationship between buyers and sellers

Answer 4

market equilibrium

Question 5

demand = supply

Answer 5

equilibrium

Question 6

demand > supply

Answer 6

shortage

Question 7

demand < supply

Answer 7

surplus

Question 8

above eq point

Answer 8

surplus

Question 9

eq point

Answer 9

equilibrium price
equilibrium quantity

Question 10

below eq point

Answer 10

shortage

Question 11

excess demand

Answer 11

↑ P, ↑ Qs

Question 12

excess supply

Answer 12

↓ P, ↓ Qs

Question 13

shift to the right

Answer 13

price push upward
↑ EP, ↑ EQ

Question 14

shift to the left

Answer 14

price pull downward
↓ EP, ↓ EQ

Question 15

direct economic intervention by the government to regulate price; usually for basic commodities

Answer 15

price control

Question 16

the price act

Answer 16

ra 7581

Question 17

act providing protection to consumers by stabilizing the price of necessities and price commodities

Answer 17

ra 7581 “the price act”

Question 18

prescribes measures against undue price increases during emergency situations

Answer 18

ra 7581 “the price act”

Question 19

maximum price that sellers are allowed to charge

Answer 19

price ceiling

Question 20

minimum price which buyers pay for commodities

Answer 20

price floor

Question 21

movement/change in price is not allowed

Answer 21

price freeze

Question 22

above eq point

Answer 22

price floor

Question 23

below eq point

Answer 23

price ceiling