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Micro
Economics
Equilibrium of Demand & Supply/ Market Price
Market price
refers to the quantity of supply and demand at which
|
demand and supply are
equal |
demand is more than supply |
|
demand and supply are zero |
supply exceeds demand |
Who determines the market price?
|
Demand |
supply |
|
both supply and demand |
Government |
In a short period of time, the market price is
usually.
|
stable |
not stable |
|
both |
none |
The market price is usually higher in the long run.
|
stable |
week |
|
Not sure |
flexible |
When the demand for an item
increases its price will:
|
stay stable |
become unstable |
|
increase |
decrease |
When the price of an item increases
its supply will:
|
stay stable |
become unstable |
|
increase |
decrease |
The supply and demand of an item
decides that
|
how much tax should
be levied |
where tax should be levied |
|
when tax should be levied |
all |
Prices of items on national
festivals go up because
|
Profiteers are in the field |
demand for goods has become very high |
|
People are forced to shop |
supply of goods has increased |
When suppliers have time to
change the supply, the price is called
|
balance price |
market price |
|
current price |
standard price |
|
balance price |
market price |
|
current price |
standard price |
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