3. The Market Forces of Supply and Demand

Which of these situations best illustrates market equilibrium?

Which graph most accurately reflects demand and supply in the money market?

Equilibrium occurs when supply and demand coordinate to:

In the context of market equilibrium, what is most likely to happen to a firm that continues to produce the same products in a saturated market?

At market equilibrium, the equilibrium quantity is:

Refer to the diagram. A price of \$60 in this market will result in:

The point where supply and demand meet and prices are set is called:

Which point on the labor market graph represents the equilibrium wage?

In a competitive market, the equilibrium price is the price at which the quantity demanded equals the quantity supplied. Given the following possible prices, which one represents the market equilibrium price?

Which of the following can cause the market equilibrium price of peanut butter to increase?

Which of the following occurs if there is excess demand in a free and unregulated market?

Refer to Table 10-1. What is the equilibrium quantity of output in the market?

In a standard supply and demand graph, where is the equilibrium point located?

When a recession occurs, how are oligopolistic firms most likely to respond in terms of pricing and output decisions?

Which of the following describes a short-run equilibrium that is not also a long-run equilibrium in a perfectly competitive market?