The interaction of markets (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does the Latin phrase 'ceteris paribus' mean?
What does the Latin phrase 'ceteris paribus' mean?
All other things being equal
Why is ceteris paribus used in economics?
Why is ceteris paribus used in economics?
To isolate relationships between two variables
In which direction does the demand curve typically slope?
In which direction does the demand curve typically slope?
Downwards from left to right
In which direction does the supply curve typically slope?
In which direction does the supply curve typically slope?
Upwards from left to right
What is market equilibrium?
What is market equilibrium?
When equals
What happens at the point where demand and supply curves intersect?
What happens at the point where demand and supply curves intersect?
Market equilibrium is established
When does a surplus (excess supply) occur?
When does a surplus (excess supply) occur?
When price is above equilibrium
When does a shortage (excess demand) occur?
When does a shortage (excess demand) occur?
When price is below equilibrium
What price pressure results from a surplus?
What price pressure results from a surplus?
Downward pressure on price
What price pressure results from a shortage?
What price pressure results from a shortage?
Upward pressure on price