Market Equilibrium (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
When does market equilibrium occur?
When does market equilibrium occur?
When quantity demanded equals quantity supplied
What happens to prices when a market reaches equilibrium?
What happens to prices when a market reaches equilibrium?
There is no pressure for price to change
What is the equilibrium price?
What is the equilibrium price?
Price where sellers supply & buyers buy
What is equilibrium quantity?
What is equilibrium quantity?
Amount bought & sold at equilibrium
Where is market equilibrium found on a graph?
Where is market equilibrium found on a graph?
Where supply & demand curves meet
What happens to prices when supply increases but demand stays the same?
What happens to prices when supply increases but demand stays the same?
Prices tend to fall
What happens to prices when demand increases but supply stays the same?
What happens to prices when demand increases but supply stays the same?
Prices tend to rise
What is excess demand also called?
What is excess demand also called?
A shortage
What pressure does excess demand create on prices?
What pressure does excess demand create on prices?
Upward pressure
What is excess supply also called?
What is excess supply also called?
A surplus
What pressure does excess supply create on prices?
What pressure does excess supply create on prices?
Downward pressure
What are seasonal sales an example of?
What are seasonal sales an example of?
Businesses responding to excess supply