Toggle sidebar menu
Learn Economics
Teach High School
Teach University
About Us
We're Hiring
Donate
Student Account
Educator Account
Contact Us
Join Our Community of Econ Nerds
Follow us
Learn Economics
Search
Courses
See all
Principles of Economics: Microeconomics
Principles of Economics: Macroeconomics
Mastering Econometrics
Money Skills
Development Economics
Series
See all
Everyday Economics
Nobel Conversations
Economists in the Wild
Women in Economics
Econ Duel
Interactive Practice
See all
Supply and Demand
GDP
Trade
Inflation
Teach Economics
The Best Econ News Articles
Find the perfect article to explain any econ concept—or sign up for weekly email updates!
Learn More
Free High School Teacher Trainings
Teaching techniques, resources, and professional development credit! Everything you need to make economics fun and engaging for your students.
Learn More
Learn about our mission
High School Teaching Resources
See all
By Course:
High School Economics
AP Microeconomics
AP Macroeconomics
Personal Finance
By Type:
Unit Plans
Lesson Plans
Interactive Practice
Assessments
University Teaching Resources
See all
By Course:
Principles of Microeconomics
Principles of Macroeconomics
Mastering Econometrics
Development Economics
By Type:
Assessments
Interactive Practice
Lesson Plans
Assignments
Donate
Student
Educator
Toggle mobile search form
Search
Practice Questions
Equilibrium in Economics Practice Questions
At equilibrium, which of the following is true?
*
a, Total losses from trade are minimized.
b. Total gains from trade are maximized.
c. Consumer surplus is minimized.
d. Producer surplus is maximized at the expense of consumer surplus.
If the market produces a higher quantity of toilet paper than is demanded, which of the following is likely to occur?
*
a. The price of toilet paper will increase since producers’ costs increase as they produce more units
b. The price of toilet paper will remain the same since sellers will not want to sell at a loss
c. The surplus of toilet paper will likely be sold at lower prices than suppliers would like to accept, resulting in suppliers decreasing their quantity supplied over time.
d. The shortage of toilet paper will increase demand for alternative products such as bidets.
At a quantity less than the equilibrium quantity, which of the following is true?
*
a. Consumers’ willingness to pay is higher than the minimum price sellers are interested in selling for.
b. Sellers are expecting a much higher price to cover their costs than consumers are willing to pay.
c. Consumers are unwilling to change what they purchase in response to price changes–the market is saturated.
d. Sellers are unable to adjust their quantity produced to alter their costs.
Submit
Skip to Next Lesson
Back to video
Submit
Principles of Economics Microeconomics
Course
(106 videos)
Introduction
Introduction to Microeconomics
Practice Questions
Opportunity Cost and Tradeoffs
Practice Questions
Marginal Thinking and the Sunk Cost Fallacy
Practice Questions
Interactive Practice
Supply, Demand, and Equilibrium
The Demand Curve
Practice Questions
The Supply Curve
Practice Questions
The Equilibrium Price and Quantity
Practice Questions
Graphing a Demand Curve from a Demand Schedule, and How to Read a Demand Graph
Practice Questions
Interactive Practice
What Shifts the Demand Curve?
Practice Questions
Change in Demand vs. Change in Quantity Demanded
Interactive Practice
Consumer Surplus
Practice Questions
Understanding the Supply Curve: Shifts and Producer Surplus
Interactive Practice
What Shifts the Supply Curve?
Interactive Practice
Equilibrium in Economics: How a Supply and Demand Graph Dot Explains Producer and Consumer Surplus
Practice Questions
Interactive Practice
Interactive Practice
Supply and Demand Terminology
Practice Questions
Does the Equilibrium Model Work?
Practice Questions
Elasticity and Its Applications
Elasticity of Demand
Practice Questions
Calculating the Elasticity of Demand
Practice Questions
Office Hours: Elasticity of Demand
Practice Questions
Elasticity of Supply
Practice Questions
Elasticity of Supply: Why Housing is Unaffordable
Practice Questions
Elasticity of Supply: Do Gun Buybacks Work?
Practice Questions
Taxes and Subsidies
Commodity Taxes
Practice Questions
Who Pays the Tax?
Practice Questions
Tax Revenue and Deadweight Loss
Practice Questions
Subsidies
Practice Questions
Wage Subsidies
Practice Questions
The Price System
I, Rose
A Price Is a Signal Wrapped up in an Incentive
Practice Questions
Markets Link the World
Practice Questions
The Great Economic Problem
Practice Questions
Information and Incentives
Practice Questions
Speculation
Practice Questions
Prediction Markets
Practice Questions
Price Ceilings and Price Floors
Price Ceilings
Practice Questions
Price Ceilings: Shortages and Quality Reduction
Practice Questions
Price Ceilings: Lines and Search Costs
Practice Questions
Price Ceilings: Deadweight Loss
Practice Questions
Price Ceilings: Misallocation of Resources
Interactive Practice
Price Ceilings: Rent Controls
Practice Questions
Rent Control in Mumbai
Practice Questions
Price Floors: The Minimum Wage
Practice Questions
Price Floors: Airline Fares
Interactive Practice
Why Do Governments Enact Price Controls?
Practice Questions
Price Controls and Communism
Practice Questions
Trade
The Big Ideas of Trade
Practice Questions
Comparative Advantage
Practice Questions
Another Look at Comparative Advantage
Practice Questions
Comparative Advantage Homework
Practice Questions
Tariffs and Protectionism
Interactive Practice
Arguments Against International Trade
Practice Questions
Avengers: The Story of Globalization (Optional)
Practice Questions
Externalities
What Are Negative Externalities?
Practice Questions
Pigouvian Taxes
What Are Positive Externalities?
Practice Questions
Pigouvian Subsidies
Command and Control Solutions
Practice Questions
The Coase Theorem
Practice Questions
Trading Pollution
Practice Questions
A Deeper Look at Tradable Allowances
Practice Questions
Externalities and Incentives: The Economics of COVID
Practice Questions
Costs and Profit Maximization Under Competition
Introduction to the Competitive Firm
Practice Questions
Maximizing Profit Under Competition
Practice Questions
Maximizing Profit and the Average Cost Curve
Practice Questions
Entry, Exit, and Supply Curves: Increasing Costs
Practice Questions
Entry, Exit, and Supply Curves: Constant Costs
Practice Questions
Entry, Exit, and Supply Curves: Decreasing Costs
Practice Questions
Competition and the Invisible Hand
Minimization of Total Industry Costs of Production
Practice Questions
The Balance of Industries and Creative Destruction
Practice Questions
Monopoly
Maximizing Profit Under Monopoly
Practice Questions
Office Hours: Calculating Monopoly Profit
Practice Questions
The Monopoly Markup
Practice Questions
The Costs and Benefits of Monopoly
Practice Questions
Price Discrimination
Introduction to Price Discrimination
Practice Questions
The Social Welfare of Price Discrimination
Practice Questions
Tying
Practice Questions
Bundling
Practice Questions
Labor Markets
The Marginal Product of Labor
Practice Questions
Econ Duel: Is Education Signaling or Skill Building?
Human Capital and Signaling
Practice Questions
The Tradeoff Between Fun and Wages
Practice Questions
Compensating Differentials
Practice Questions
Do Unions Raise Wages?
Practice Questions
Public Goods and the Tragedy of the Commons
Public Goods and Asteroid Defense
Practice Questions
A Deeper Look at Public Goods
Practice Questions
Club Goods
Practice Questions
The Tragedy of the Commons
Practice Questions
Asymmetric Information
Asymmetric Information and Used Cars
Practice Questions
Asymmetric Information in Health Insurance
Practice Questions
Moral Hazard
Practice Questions
Solutions to Moral Hazard
Practice Questions
Signaling
Practice Questions
Consumer Choice
Introduction to Consumer Choice
Practice Questions
Budget Constraints
Practice Questions
Indifference Curves
Practice Questions
Consumer Optimization
Practice Questions
Bonus Topics
Office Hours: Game Theory
Practice Questions
Exam
Principles of Economics: Microeconomics
