4

Question 1

What is market equilibrium?

Answer 1

the mid point

Question 2

What is equilibrium price?

Answer 2

the y axis of midpoint

Question 3

What is equilibrium quantity?

Answer 3

x axis of midpoint

Question 4

What is consumer surplus?

Answer 4

customer pays less then could have

Question 5

How is consumer surplus measured?

Answer 5

above the price below the demand

Question 6

What is producer surplus?

Answer 6

producer pays more than could have

Question 7

How is producer surplus measured?

Answer 7

below price above supply

Question 8

What is a market surplus? What happens to market prices if a surplus exists?

Answer 8

quantity supplied is greater than quantity demanded
price will decrease

Question 9

What is a market shortage? What happens to market prices if a shortage exists?

Answer 9

quantity supplied is smaller than quantity demanded
prices rise

Question 10

How do shifts in demand and supply affect equilibrium price and quantity?

Answer 10

they just do. draw the god damn graph