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Q_s$.","correct":true,"explanation":"Market equilibrium occurs when buyers want to purchase exactly the amount producers want to sell, so there is neither a shortage nor a surplus."},{"text":"Quantity demanded exceeds quantity supplied: $Q_d > Q_s$.","correct":false,"explanation":"This describes excess demand, which creates a shortage because buyers compete for too few goods. Equilibrium instead requires quantity demanded to equal quantity supplied, $Q_d = Q_s$."},{"text":"Quantity supplied exceeds quantity demanded: $Q_s > Q_d$.","correct":false,"explanation":"This describes excess supply, which creates a surplus of unsold goods. The defining equality for market equilibrium is quantity demanded equalling quantity supplied, $Q_d = Q_s$."},{"text":"Price equals quantity demanded: $P = Q_d$.","correct":false,"explanation":"Price and quantity are different economic variables, so equating them does not define equilibrium. Equilibrium is reached when quantity demanded equals quantity supplied, $Q_d = Q_s$."}]},{"id":"a633d390-fc7d-487c-af5b-8c71faaddb22","cardType":"basic","points":2,"front":"What happens at the equilibrium price?","back":"The market clears: every unit offered is bought and no willing buyer goes without.","mcqOptions":[{"text":"The market clears: every unit offered is bought and no willing buyer goes without.","correct":true,"explanation":"At the equilibrium price, quantity demanded equals quantity supplied. Producers sell all units offered, while willing buyers can obtain the goods they want."},{"text":"The market rations: only the highest bidders buy and unsold stock remains.","correct":false,"explanation":"Rationing and unsold stock indicate that the market has not cleared. At equilibrium, every unit offered is bought and no willing buyer goes without."},{"text":"The market expands: every producer increases output and demand disappears.","correct":false,"explanation":"Equilibrium does not mean all producers expand output or that demand disappears. It means the amount supplied matches the amount demanded, so all transactions can take place."},{"text":"The market contracts: buyers purchase less and sellers withdraw all stock.","correct":false,"explanation":"A complete withdrawal of stock would prevent market transactions and is not equilibrium. The equilibrium price allows the supplied quantity and demanded quantity to match."}]},{"id":"097ec9fe-c3e8-477c-bf5f-3f6db953f011","cardType":"basic","points":1,"front":"Where is market equilibrium found on a demand and supply diagram?","back":"At the intersection of the demand and supply curves.","mcqOptions":[{"text":"At the intersection of the demand and supply curves.","correct":true,"explanation":"The intersection identifies the point where the quantity consumers demand equals the quantity producers supply. Its coordinates show the equilibrium price and equilibrium quantity."},{"text":"At the intersection of the two demand curves.","correct":false,"explanation":"Two demand curves do not show the balance between buyers and sellers. Equilibrium is located where the demand curve intersects the supply curve, making quantity demanded equal quantity supplied."},{"text":"At the intersection of the two supply curves.","correct":false,"explanation":"Two supply curves alone cannot identify the market-clearing point because consumer demand is missing. The equilibrium is where demand and supply intersect."},{"text":"At the horizontal axis below the demand and supply curves.","correct":false,"explanation":"The horizontal axis shows quantity, not the point where the market clears. Equilibrium is found at the intersection of the demand and supply curves."}]},{"id":"abaef445-6378-4dfd-bf21-76d3c3c4048e","cardType":"basic","points":1,"front":"Which axes are used when showing market equilibrium?","back":"Price is on the vertical axis and quantity is on the horizontal axis.","mcqOptions":[{"text":"Price is on the vertical axis and quantity is on the horizontal axis.","correct":true,"explanation":"Standard demand and supply diagrams place price on the vertical axis and quantity on the horizontal axis, allowing the equilibrium price and quantity to be read from their intersection."},{"text":"Price is on the horizontal axis and quantity is on the vertical axis.","correct":false,"explanation":"This reverses the conventional axes used for market diagrams. Price is measured vertically, while quantity is measured horizontally."},{"text":"Demand is on the vertical axis and supply is on the horizontal axis.","correct":false,"explanation":"Demand and supply are curves, not the axes. The vertical axis measures price and the horizontal axis measures quantity."},{"text":"Cost is on the vertical axis and revenue is on the horizontal axis.","correct":false,"explanation":"Cost and revenue may appear in other economic diagrams, but they are not the standard axes for market equilibrium. These diagrams use price vertically and quantity horizontally."}]},{"id":"7c3c041d-0dd4-4cfa-9a46-754c0868c143","cardType":"basic","points":1,"front":"What condition shows that a market is in disequilibrium?","back":"Disequilibrium occurs when quantity demanded and quantity supplied are unequal: $Q_d \\ne Q_s$.","mcqOptions":[{"text":"Disequilibrium occurs when quantity demanded and quantity supplied are unequal: $Q_d \\ne Q_s$.","correct":true,"explanation":"Disequilibrium means the market is not clearing because buyers and sellers plan different quantities. This creates either excess demand when $Q_d > Q_s$ or excess supply when $Q_s > Q_d$."},{"text":"Disequilibrium occurs when quantity demanded and quantity supplied are equal: $Q_d = Q_s$.","correct":false,"explanation":"Equality defines market equilibrium, because the market clears with no shortage or surplus. Disequilibrium requires unequal quantities, $Q_d \ne Q_s$."},{"text":"Disequilibrium occurs when price and quantity are equal: $P = Q$.","correct":false,"explanation":"Price and quantity are separate variables and their numerical equality has no special equilibrium meaning. Disequilibrium is shown when quantity demanded differs from quantity supplied."},{"text":"Disequilibrium occurs when total revenue and total cost are equal: $TR = TC$.","correct":false,"explanation":"Equality between total revenue and total cost relates to a firm's break-even position, not market equilibrium. Market disequilibrium occurs when $Q_d$ and $Q_s$ are unequal."}]},{"id":"50c735ea-5338-475b-8f98-38b7e02e95df","cardType":"basic","points":2,"front":"Why does a price below equilibrium create a shortage?","back":"A price below equilibrium creates excess demand, or a shortage, because quantity demanded exceeds quantity supplied.","mcqOptions":[{"text":"A price below equilibrium creates excess demand, or a shortage, because quantity demanded exceeds quantity supplied.","correct":true,"explanation":"A price below equilibrium encourages consumers to buy more but gives producers less incentive to supply. Therefore quantity demanded exceeds quantity supplied, leaving a shortage."},{"text":"A price below equilibrium creates excess supply, or a surplus, because quantity supplied exceeds quantity demanded.","correct":false,"explanation":"A below-equilibrium price makes consumers want more and producers offer less, so the result is excess demand. Excess supply occurs when price is above equilibrium."},{"text":"A price below equilibrium creates equilibrium, because quantity demanded equals quantity supplied.","correct":false,"explanation":"Only the equilibrium price balances the quantities demanded and supplied. A price below it causes consumers to demand more than producers are willing to supply."},{"text":"A price below equilibrium creates no demand, because consumers wait for a higher price.","correct":false,"explanation":"Consumers generally want more at a lower price, not less. The resulting mismatch is excess demand, with quantity demanded exceeding quantity supplied."}]},{"id":"25878dfb-cf11-4198-917d-5ed46e2c384f","cardType":"basic","points":1,"front":"How do buyers respond to excess demand?","back":"Unsatisfied buyers bid the price up towards equilibrium.","mcqOptions":[{"text":"Unsatisfied buyers bid the price up towards equilibrium.","correct":true,"explanation":"When demand exceeds supply, some buyers cannot obtain the product. Competition among these unsatisfied buyers puts upward pressure on price, moving it towards the market-clearing level."},{"text":"Unsatisfied buyers bid the price down towards equilibrium.","correct":false,"explanation":"A shortage means buyers are competing for limited supply, creating upward rather than downward pressure on price. Price falls when sellers face excess supply."},{"text":"Unsatisfied buyers withdraw from the market until supply disappears.","correct":false,"explanation":"Some buyers may be unable to purchase, but their competition does not make supply disappear. Excess demand normally pushes the price upwards towards equilibrium."},{"text":"Unsatisfied buyers force sellers to increase demand towards equilibrium.","correct":false,"explanation":"Sellers do not increase demand; demand comes from buyers. Unsatisfied buyers compete by bidding the price up, which reduces quantity demanded and encourages more supply."}]},{"id":"8e8daf0c-f55a-459f-8bdd-3ff0a9db9dda","cardType":"basic","points":2,"front":"Why does a price above equilibrium create a surplus?","back":"A price above equilibrium creates excess supply, or a surplus, because quantity supplied exceeds quantity demanded.","mcqOptions":[{"text":"A price above equilibrium creates excess supply, or a surplus, because quantity supplied exceeds quantity demanded.","correct":true,"explanation":"A high price encourages producers to offer more but discourages consumers from buying. Quantity supplied therefore exceeds quantity demanded, leaving unsold stock."},{"text":"A price above equilibrium creates excess demand, or a shortage, because quantity demanded exceeds quantity supplied.","correct":false,"explanation":"A high price normally reduces consumers' quantity demanded and encourages producers' quantity supplied. The result is excess supply, not excess demand."},{"text":"A price above equilibrium creates equilibrium, because quantity demanded equals quantity supplied.","correct":false,"explanation":"The equilibrium price is the specific price where the two quantities are equal. A price above it creates a surplus because sellers offer more than buyers purchase."},{"text":"A price above equilibrium creates no supply, because producers cannot cover their costs.","correct":false,"explanation":"A higher market price usually increases the quantity producers are willing to supply. The problem is that buyers demand less, creating excess supply."}]},{"id":"955512e2-08c2-48c5-9daa-697b3026cd80","cardType":"basic","points":1,"front":"How do sellers respond to excess supply?","back":"Sellers cut the price to clear unsold stock.","mcqOptions":[{"text":"Sellers cut the price to clear unsold stock.","correct":true,"explanation":"Excess supply leaves sellers with unsold goods. Reducing the price makes the product more attractive to buyers and reduces the surplus, moving the market towards equilibrium."},{"text":"Sellers raise the price to clear unsold stock.","correct":false,"explanation":"Raising the price would generally reduce quantity demanded and make unsold stock harder to sell. Sellers cut prices when excess supply creates a surplus."},{"text":"Sellers withdraw all supply to clear unsold stock.","correct":false,"explanation":"Withdrawing all supply would prevent sales rather than clear existing stock. Sellers normally reduce the price so that more consumers buy the unsold goods."},{"text":"Sellers restrict demand to clear unsold stock.","correct":false,"explanation":"Sellers cannot directly restrict consumer demand, and doing so would not clear the surplus. Cutting the price encourages a greater quantity demanded."}]},{"id":"3b462130-c5f3-4720-b610-01c8d75cdc24","cardType":"basic","points":1,"front":"How does a price rise help remove a shortage?","back":"A higher price draws out more supply.","mcqOptions":[{"text":"A higher price draws out more supply.","correct":true,"explanation":"A higher price increases the potential return from selling, so producers are willing to offer a greater quantity. This helps eliminate a shortage caused by excess demand."},{"text":"A higher price draws out less supply.","correct":false,"explanation":"A higher price generally gives producers a stronger incentive to supply, not a weaker one. More supply helps close the gap when quantity demanded exceeds quantity supplied."},{"text":"A higher price draws out more demand.","correct":false,"explanation":"For most goods, a higher price causes a movement along the demand curve towards a lower quantity demanded. It encourages more supply instead."},{"text":"A higher price draws out no change in supply.","correct":false,"explanation":"A price change causes a movement along the supply curve, so the quantity supplied changes. A higher price usually draws out a greater quantity supplied."}]},{"id":"f0a6df98-0bc5-4c44-8c42-cd7078707da4","cardType":"basic","points":1,"front":"How does a price rise help remove excess demand?","back":"A higher price reduces quantity demanded.","mcqOptions":[{"text":"A higher price reduces quantity demanded.","correct":true,"explanation":"Moving to a higher price causes a movement up along the demand curve. Consumers generally buy a smaller quantity, reducing excess demand and helping remove a shortage."},{"text":"A higher price increases quantity demanded.","correct":false,"explanation":"This reverses the law of demand for a normal market situation. A higher price causes consumers to purchase a smaller quantity demanded, helping reduce a shortage."},{"text":"A higher price shifts demand to the right.","correct":false,"explanation":"A price change causes movement along the existing demand curve, not a shift of the curve. A rightward shift requires a non-price determinant of demand to change."},{"text":"A higher price eliminates consumer preferences.","correct":false,"explanation":"Consumers still have preferences at higher prices, although they usually purchase less. The relevant effect is a reduction in quantity demanded along the demand curve."}]},{"id":"a8963041-dc90-44c2-8300-c84337950fd3","cardType":"basic","points":1,"front":"How does a price fall help remove a surplus?","back":"A lower price raises quantity demanded.","mcqOptions":[{"text":"A lower price raises quantity demanded.","correct":true,"explanation":"A lower price makes the good more affordable, causing a movement down along the demand curve to a greater quantity demanded. This helps sell surplus stock."},{"text":"A lower price reduces quantity demanded.","correct":false,"explanation":"This reverses the usual law of demand. A lower price encourages consumers to buy a greater quantity, helping reduce excess supply."},{"text":"A lower price shifts demand to the left.","correct":false,"explanation":"A price change changes quantity demanded along the existing curve. A leftward demand shift results from a non-price factor, such as falling income for a normal good."},{"text":"A lower price raises quantity supplied.","correct":false,"explanation":"A lower price generally reduces the quantity producers are willing to supply. It raises quantity demanded, helping clear a surplus."}]},{"id":"15f5abfb-b87c-413d-bf0d-09636f1da786","cardType":"basic","points":1,"front":"How does a price fall help remove excess supply?","back":"A lower price discourages supply.","mcqOptions":[{"text":"A lower price discourages supply.","correct":true,"explanation":"A lower price reduces the return from selling, so producers are generally willing to offer a smaller quantity. This helps remove excess supply and clear a surplus."},{"text":"A lower price encourages supply.","correct":false,"explanation":"Producers normally have less incentive to supply when the selling price falls. A lower price discourages supply, which helps reduce a surplus."},{"text":"A lower price discourages demand.","correct":false,"explanation":"Consumers are generally encouraged to buy more when price falls. The supply response is the relevant adjustment: producers offer less at the lower price."},{"text":"A lower price leaves supply unchanged.","correct":false,"explanation":"A price change causes movement along the supply curve, so the quantity supplied changes. A lower price normally reduces the quantity supplied."}]},{"id":"8b974f82-bfef-4183-8ab7-19fd79441889","cardType":"basic","points":2,"front":"When do market forces stop adjusting the price?","back":"Market forces continue adjusting price until $Q_d = Q_s$ and the price settles.","mcqOptions":[{"text":"Market forces continue adjusting price until $Q_d = Q_s$ and the price settles.","correct":true,"explanation":"Price changes respond to shortages and surpluses. Adjustment stops when quantity demanded equals quantity supplied, because there is no remaining pressure for buyers or sellers to change price."},{"text":"Market forces continue adjusting price until $Q_d > Q_s$ and the price settles.","correct":false,"explanation":"When quantity demanded exceeds quantity supplied, a shortage remains and buyers continue bidding the price upwards. Adjustment settles only when $Q_d = Q_s$."},{"text":"Market forces continue adjusting price until $Q_s > Q_d$ and the price settles.","correct":false,"explanation":"When quantity supplied exceeds quantity demanded, unsold stock remains and sellers continue cutting the price. The stable condition is equality between the two quantities."},{"text":"Market forces continue adjusting price until $P = Q_d$ and the price settles.","correct":false,"explanation":"Price and quantity demanded are different variables, so their numerical equality does not stop market adjustment. Price settles when quantity demanded equals quantity supplied."}]},{"id":"16d31540-fd22-4a8c-b6c1-8436cd208977","cardType":"basic","points":1,"front":"In the rice example, what is the excess demand when $Q_d = 140$ tonnes and $Q_s = 60$ tonnes?","back":"The excess demand is $140 - 60 = 80$ tonnes.","mcqOptions":[{"text":"The excess demand is $140 - 60 = 80$ tonnes.","correct":true,"explanation":"Excess demand is the amount by which quantity demanded exceeds quantity supplied. Subtracting 60 tonnes supplied from 140 tonnes demanded gives a shortage of 80 tonnes."},{"text":"The excess demand is $140 + 60 = 200$ tonnes.","correct":false,"explanation":"Adding the quantities gives total planned transactions, not the shortage. Excess demand is the difference between them, so $140 - 60 = 80$ tonnes."},{"text":"The excess demand is $140 - 60 = set 80$ tonnes.","correct":false,"explanation":"The quantity difference is 80 tonnes, but the expression must be written as a valid calculation. Subtracting supply from demand gives $140 - 60 = 80$ tonnes."},{"text":"The excess demand is $60 - 140 = -80$ tonnes.","correct":false,"explanation":"Reversing the subtraction produces a negative result, but excess demand is reported as a positive shortage. Demand exceeds supply by $140 - 60 = 80$ tonnes."}]},{"id":"2c0f254b-bbb9-4dee-aa6a-399538fe9939","cardType":"basic","points":2,"front":"What happens to the rice price when it is held at £1 per kg?","back":"At £1 per kg, buyers bid the price up towards £2 until the shortage is removed.","mcqOptions":[{"text":"At £1 per kg, buyers bid the price up towards £2 until the shortage is removed.","correct":true,"explanation":"At £1 per kg, quantity demanded exceeds quantity supplied, creating a shortage. Competition among unsatisfied buyers bids the price towards the £2 equilibrium level."},{"text":"At £1 per kg, buyers bid the price down towards £0 until the shortage is removed.","correct":false,"explanation":"A shortage creates competition among buyers and upward pressure on price, not downward pressure. The rice price must move towards £2 to remove the shortage."},{"text":"At £1 per kg, sellers cut the price towards £2 until the surplus is removed.","correct":false,"explanation":"Sellers cut prices when a price is above equilibrium and creates a surplus. At £1, the shortage causes buyers to bid the price up towards £2."},{"text":"At £1 per kg, buyers bid the price up towards £3 until the shortage is removed.","correct":false,"explanation":"The direction of adjustment is correct, but the rice example's equilibrium price is £2, not £3. Price rises only until the shortage is removed at the equilibrium."}]},{"id":"f36e2129-dd3a-442a-a317-240c97259f12","cardType":"basic","points":1,"front":"Why is equilibrium restored quickly in flexible markets?","back":"Prices adjust quickly, so equilibrium is restored fast.","mcqOptions":[{"text":"Prices adjust quickly, so equilibrium is restored fast.","correct":true,"explanation":"Flexible prices respond quickly to excess demand or excess supply. These price movements change incentives for buyers and sellers until quantity demanded again equals quantity supplied."},{"text":"Prices remain fixed, so equilibrium is restored without adjustment.","correct":false,"explanation":"Fixed prices prevent the price mechanism from removing shortages or surpluses. Equilibrium is restored quickly in flexible markets because prices adjust rapidly until quantity demanded equals quantity supplied."},{"text":"Demand adjusts slowly, so equilibrium is restored through scarcity.","correct":false,"explanation":"Scarcity is the permanent problem of limited resources, not a process that restores market equilibrium. Flexible markets return to equilibrium because prices adjust quickly in response to disequilibrium."},{"text":"Supply remains constant, so equilibrium is restored by producers.","correct":false,"explanation":"Constant supply alone does not ensure that quantity demanded equals quantity supplied. Rapid price adjustment changes purchasing and production incentives, allowing a flexible market to restore equilibrium quickly."}]},{"id":"48d2227e-3e2b-4393-82a1-d4e928e1cedd","cardType":"basic","points":2,"front":"Why might a market fail to clear quickly?","back":"Sticky prices, such as wages, can allow disequilibrium to persist for a long time.","mcqOptions":[{"text":"Sticky prices, such as wages, can allow disequilibrium to persist for a long time.","correct":true,"explanation":"Sticky prices, including wages, respond slowly to changes in demand and supply. This delays the price movements needed to eliminate excess demand or excess supply."},{"text":"Flexible prices, such as wages, can prevent disequilibrium from developing at any time.","correct":false,"explanation":"Flexible prices help markets clear rather than preventing all disequilibrium from arising. Sticky prices, such as slowly changing wages, can delay adjustment and make disequilibrium persist."},{"text":"Rising demand, such as supply, can ensure disequilibrium disappears in a short time.","correct":false,"explanation":"A rise in demand may create or enlarge excess demand rather than guarantee market clearing. Sticky prices are the reason adjustment can be delayed and disequilibrium can persist."},{"text":"Falling supply, such as wages, can allow equilibrium to persist for a long time.","correct":false,"explanation":"A fall in supply changes the equilibrium position and may create a shortage at the existing price. Market clearing is slow when prices, including wages, are sticky."}]},{"id":"2acc1c61-7859-40b7-80f0-873d936c36a2","cardType":"basic","points":3,"front":"What is the difference between a shortage and scarcity?","back":"A shortage is excess demand at one price; scarcity is the permanent problem of limited resources.","mcqOptions":[{"text":"A shortage is excess demand at one price; scarcity is the permanent problem of limited resources.","correct":true,"explanation":"A shortage occurs when quantity demanded exceeds quantity supplied at a particular price. Scarcity is broader and permanent because finite resources cannot satisfy all human wants."},{"text":"A shortage is limited resources at all prices; scarcity is excess demand at the current price.","correct":false,"explanation":"This reverses the two concepts. A shortage is excess demand at a particular price, whereas scarcity is the permanent condition created by limited resources and unlimited wants."},{"text":"A shortage is excess supply at one price; scarcity is the temporary problem of limited demand.","correct":false,"explanation":"Excess supply is a surplus, not a shortage, and scarcity is not temporary or caused by limited demand. Scarcity reflects limited resources, while a shortage reflects excess demand."},{"text":"A shortage is falling demand at one price; scarcity is the temporary problem of limited resources.","correct":false,"explanation":"Falling demand does not define a shortage and may actually reduce one. A shortage is excess demand at one price, while scarcity is the permanent problem of limited resources."}]},{"id":"fbfef72c-10e5-42ea-86bb-d6795181d4e4","cardType":"cloze","points":null,"front":"Market equilibrium occurs where [ ], written as $Q_d = Q_s$.","back":"Market equilibrium occurs where quantity demanded equals quantity supplied, written as $Q_d = Q_s$.","mcqOptions":[{"text":"quantity demanded equals quantity supplied","correct":true,"explanation":"Market equilibrium is reached when buyers plan to purchase exactly the quantity sellers plan to offer, so quantity demanded equals quantity supplied at the equilibrium price."},{"text":"quantity demanded exceeds quantity supplied","correct":false,"explanation":"This describes excess demand, or a shortage, usually occurring below the equilibrium price. At market equilibrium, quantity demanded equals quantity supplied."},{"text":"quantity supplied exceeds quantity demanded","correct":false,"explanation":"This describes excess supply, or a surplus, usually occurring above the equilibrium price. Equilibrium instead requires quantity supplied and quantity demanded to be equal."},{"text":"quantity demanded equals total scarcity","correct":false,"explanation":"Scarcity is the permanent limitation of resources and is not a market quantity equated with demand. Equilibrium occurs when quantity demanded equals quantity supplied."}]},{"id":"818b23cb-eaae-4a42-ba6f-db059a2772bb","cardType":"cloze","points":null,"front":"Market equilibrium occurs where quantity demanded equals quantity supplied, written as $\\text{[...]}$.","back":"Market equilibrium occurs where quantity demanded equals quantity supplied, written as $\\boxed{Q_d = Q_s}$.","mcqOptions":[{"text":"$$Q_d = Q_s$","correct":true,"explanation":"The notation states the equilibrium condition directly: the quantity demanded, $Q_d$, is equal to the quantity supplied, $Q_s$, at the market-clearing price."},{"text":"$$Q_d > Q_s$","correct":false,"explanation":"The greater-than sign indicates excess demand, meaning buyers want more than sellers offer at that price. Equilibrium requires equality, written as $Q_d = Q_s$."},{"text":"$$Q_d < Q_s$","correct":false,"explanation":"The less-than sign indicates excess supply, meaning sellers offer more than buyers demand at that price. Equilibrium is instead represented by $Q_d = Q_s$."},{"text":"$$Q_d = 0$","correct":false,"explanation":"Zero quantity demanded does not generally define equilibrium because supply may remain positive. The market-clearing condition is equality between demand and supply: $Q_d = Q_s$."}]},{"id":"92751d5a-10dd-483b-aea4-7fb022dbe196","cardType":"cloze","points":null,"front":"A price below equilibrium causes [ ], whereas a price above equilibrium causes excess supply.","back":"A price below equilibrium causes excess demand, whereas a price above equilibrium causes excess supply.","mcqOptions":[{"text":"excess demand","correct":true,"explanation":"Below the equilibrium price, consumers wish to buy more while producers offer less. Quantity demanded therefore exceeds quantity supplied, creating excess demand or a shortage."},{"text":"excess supply","correct":false,"explanation":"Excess supply occurs above, not below, the equilibrium price because sellers offer more than consumers demand. A below-equilibrium price creates excess demand."},{"text":"market equilibrium","correct":false,"explanation":"A price below equilibrium cannot clear the market because quantity demanded exceeds quantity supplied. This imbalance is excess demand, rather than market equilibrium."},{"text":"resource scarcity","correct":false,"explanation":"Scarcity is the permanent economic problem arising from limited resources, not a price-specific market imbalance. A price below equilibrium causes excess demand."}]},{"id":"ca3aa5a5-b220-4ddb-8d96-d94cf58f5e4d","cardType":"cloze","points":null,"front":"A price below equilibrium causes excess demand, whereas a price above equilibrium causes [ ].","back":"A price below equilibrium causes excess demand, whereas a price above equilibrium causes excess supply.","mcqOptions":[{"text":"excess supply","correct":true,"explanation":"Above the equilibrium price, producers wish to sell more while consumers wish to buy less. Quantity supplied therefore exceeds quantity demanded, creating excess supply or a surplus."},{"text":"excess demand","correct":false,"explanation":"Excess demand occurs below, not above, the equilibrium price because consumers demand more than producers supply. A price above equilibrium instead creates excess supply."},{"text":"market equilibrium","correct":false,"explanation":"At an above-equilibrium price, planned sales exceed planned purchases, so the market does not clear. The resulting disequilibrium is excess supply."},{"text":"resource scarcity","correct":false,"explanation":"Scarcity describes the permanent limitation of resources, not the imbalance caused by a particular market price. A price above equilibrium produces excess supply."}]},{"id":"f07a2db5-9ebe-4c2b-b5ea-72170b39613d","cardType":"cloze","points":null,"front":"In flexible markets, prices adjust [ ]; with sticky prices, disequilibrium can persist for a long time.","back":"In flexible markets, prices adjust quickly; with sticky prices, disequilibrium can persist for a long time.","mcqOptions":[{"text":"quickly","correct":true,"explanation":"Flexible prices respond rapidly to shortages and surpluses, changing incentives for consumers and producers until quantity demanded equals quantity supplied again."},{"text":"slowly","correct":false,"explanation":"Slow adjustment is associated with sticky rather than flexible prices. In flexible markets, prices change quickly in response to excess demand or excess supply."},{"text":"rarely","correct":false,"explanation":"Flexible prices are able to change whenever market conditions alter, rather than changing only rarely. They adjust quickly to help restore market equilibrium."},{"text":"permanently","correct":false,"explanation":"Prices do not need to move permanently in one direction to clear a market. In flexible markets, they adjust quickly until demand and supply balance."}]},{"id":"2df263f3-b299-4920-8336-f26833349316","cardType":"cloze","points":null,"front":"In flexible markets, prices adjust quickly; with sticky prices, disequilibrium can persist for [ ].","back":"In flexible markets, prices adjust quickly; with sticky prices, disequilibrium can persist for a long time.","mcqOptions":[{"text":"a long time","correct":true,"explanation":"Sticky prices respond slowly to market imbalances, delaying the price changes that would remove shortages or surpluses. Disequilibrium can therefore persist for a long time."},{"text":"a short time","correct":false,"explanation":"A short period of disequilibrium is more consistent with flexible prices that adjust rapidly. Sticky prices delay market clearing, so disequilibrium can persist for a long time."},{"text":"an instant","correct":false,"explanation":"Instant market clearing would require immediate price adjustment, which contradicts the meaning of sticky prices. With sticky prices, disequilibrium may last for a long time."},{"text":"no time","correct":false,"explanation":"This implies disequilibrium cannot persist, overlooking the delayed adjustment caused by sticky prices. Slow price changes can allow disequilibrium to continue for a long time."}]}]}],"examCountdown":null,"heading":"2.4.1 definition of market equilibrium and disequilibrium","title":"2.4.1 definition of market equilibrium and disequilibrium Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L38"}]}],"topicId":"960de04f-0644-4661-9476-2eb62698b7ff","walled":"$L39"}],"$L3a","$L3b"]