This test is run by .
Note that your final mark will not be saved in the system.
Note that your final mark will not be saved in the system.
Price GapFill
Target Level
C
Running Total
0
0%
Attempt
1 of 3
You must fill all the gaps before clicking ‘Check Answers!’
The
price and quantity is determined by the
of demand and
supply. Equilibrium price is also known
as the market
price. Market
forces adjust to
excess demand and supply. The
function of price eliminates
market shortages and surplus. The function of price that demonstrate where
resources are needed is known as
. Consumer surplus is represented by
the area
the equilibrium price and
the demand curve. A
shift of the supply curve will reduce both the consumer and producer
surplus.