Question 11The equilibrium price is also known as1 pointthe fair price.the market-clearing price.the common price.the average price.

Suppose the equilibrium price of a good is $10. The government sets a minimum price in the market of $8. The minimum price is an example of a(n):equilibrium price.price ceiling.fair price.price floor.

What is the equilibrium in the market defined as? Question 12Select one:a.The point of intersection between consumption and investment functionsb.The level of income where taxes are minimizedc.The condition when quantity supplied and quantity demanded are equald.The point where supply is maximized

Long-run equilibrium price is known as:  A. Market price  B. Reserve price  C. Normal price  D. Support price

Question 12If the price of a good is held above the equilibrium price:1 pointdemand will decrease.quantity demanded will exceed quantity supplied.quantity supplied will exceed quantity demanded.supply will increase.

Explain how the market will move to the equilibrium if the current price is higher than the equilibrium price. (3 points)