T/F: According to the law of supply and demand; the price of any good or service adjusts the quantity supplied and the quantity demanded to meet that price.

T/F: At the market equilibrium price, both quantity supplied is equal to quantity demanded.

Based on the table below, which of the following would cause a surplus?

What happens to equilibrium price if supply decreases? a0No change b)Shortage c)Surplus

The market for blankets is shown below. Which of the following explains why $7 does not represent an equilibrium price in this market? a)QD is greater than QS b)QD is equal to QS c)Quantity demanded is less than QS

Based on the table below, which of the following would cause a shortage?

The intersection between supply & demand curves is known as: a)Scarcity b)Shortage c)Equilibrium d)Surplus

T/F: The supply and demand tables for apples are below. If apples are selling at 8$, this means that there is an equilibrium.

The graph for lipsticks is shown below. Which point represents equilibrium price and quantity?

The market for oranges is shown below. What is the equilibrium quantity?

T/F: A coffee shop would experience a shortage if it supplied 30 muffins, but consumers demanded 35.

T/F: Equilibrium is affected by shifts in both quantity demanded and quantity supplied.

The graph for light bulbs is shown below. What is the equilibrium price?