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determinant of demand or supply.","mcqOptions":[{"text":"A change in a non-price determinant of demand or supply.","correct":true,"explanation":"A demand or supply curve shifts when a factor other than the good’s own price changes, such as income, tastes, production costs, technology, or the number of firms."},{"text":"A change in the price of the good.","correct":false,"explanation":"A change in the good’s own price causes movement along an existing curve, not a shift. A shift requires a change in a non-price determinant of demand or supply."},{"text":"A change in equilibrium quantity only.","correct":false,"explanation":"Equilibrium quantity changes as a result of market adjustment, but it does not itself shift a curve. The shift is caused by a change in a non-price determinant."},{"text":"A change in consumer surplus only.","correct":false,"explanation":"Consumer surplus may change after demand or supply changes, but it is an outcome rather than a cause of a curve shift. The cause is a non-price determinant."}]},{"id":"de73e423-0d1d-47ab-b364-be1645bdd5f1","cardType":"basic","points":2,"front":"Why must equilibrium price and quantity adjust after a curve shifts?","back":"The old price no longer clears the market.","mcqOptions":[{"text":"The old price no longer clears the market.","correct":true,"explanation":"After a curve shifts, the old price usually creates a shortage or surplus because quantity demanded no longer equals quantity supplied. Price must adjust to clear the market."},{"text":"The old price no longer maximises consumer surplus.","correct":false,"explanation":"Equilibrium is determined by equality of quantity demanded and quantity supplied, not by maximising consumer surplus. The old price must change because it no longer clears the market."},{"text":"The old price no longer covers firms’ fixed costs.","correct":false,"explanation":"Fixed-cost coverage is not the condition defining market equilibrium. A curve shift creates a shortage or surplus, so price and quantity adjust until the market clears."},{"text":"The old price no longer equals average cost.","correct":false,"explanation":"Market equilibrium does not require price to equal average cost. The relevant problem after a shift is that quantity demanded and quantity supplied differ at the old price."}]},{"id":"9c46e54c-c628-4a59-86a5-266070d57bcc","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a rightward demand shift?","back":"Both equilibrium price and equilibrium quantity rise.","mcqOptions":[{"text":"Both equilibrium price and equilibrium quantity rise.","correct":true,"explanation":"A rightward demand shift increases quantity demanded at every price, creating upward pressure on price. The higher price then encourages greater quantity supplied, so equilibrium quantity rises too."},{"text":"Both equilibrium price and equilibrium quantity fall.","correct":false,"explanation":"This reverses the effect of stronger demand. A rightward demand shift raises equilibrium price and, through movement along the supply curve, raises equilibrium quantity."},{"text":"Equilibrium price rises, while equilibrium quantity falls.","correct":false,"explanation":"The price rise is correct, but quantity does not fall. The higher price causes firms to expand quantity supplied along the upward-sloping supply curve, raising equilibrium quantity."},{"text":"Equilibrium price falls, while equilibrium quantity rises.","correct":false,"explanation":"The quantity rise is correct, but stronger demand creates a shortage at the old price and bids price upward. Therefore both equilibrium price and quantity rise."}]},{"id":"15aaf4e8-8cf8-4b32-a19b-8a8d7692531b","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a leftward demand shift?","back":"Both equilibrium price and equilibrium quantity fall.","mcqOptions":[{"text":"Both equilibrium price and equilibrium quantity fall.","correct":true,"explanation":"A leftward demand shift reduces quantity demanded at every price, creating a surplus at the old price. Price falls, and the lower price reduces quantity supplied, so equilibrium quantity falls."},{"text":"Both equilibrium price and equilibrium quantity rise.","correct":false,"explanation":"This is the effect of a rightward demand shift, not a leftward one. Weaker demand creates a surplus, causing both equilibrium price and equilibrium quantity to fall."},{"text":"Equilibrium price rises, while equilibrium quantity falls.","correct":false,"explanation":"Quantity falls when demand shifts left, but the surplus at the old price puts downward pressure on price. Thus equilibrium price falls rather than rises."},{"text":"Equilibrium price falls, while equilibrium quantity rises.","correct":false,"explanation":"The price direction is correct, but lower demand does not raise equilibrium quantity. The resulting lower price causes quantity supplied to contract along the supply curve."}]},{"id":"2f39fe0b-9b3f-4b18-8a3b-c61a9ffccf31","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a rightward supply shift?","back":"Equilibrium price falls, while equilibrium quantity rises.","mcqOptions":[{"text":"Equilibrium price falls, while equilibrium quantity rises.","correct":true,"explanation":"A rightward supply shift increases supply at every price, creating a surplus at the old price. Competition lowers price, and the lower price stimulates greater quantity demanded."},{"text":"Equilibrium price rises, while equilibrium quantity falls.","correct":false,"explanation":"These are the effects of a leftward supply shift. A rightward shift creates a surplus at the old price, which lowers equilibrium price and raises equilibrium quantity."},{"text":"Both equilibrium price and equilibrium quantity rise.","correct":false,"explanation":"A supply increase puts downward pressure on price rather than upward pressure. The surplus reduces price, while the resulting movement along demand raises equilibrium quantity."},{"text":"Both equilibrium price and equilibrium quantity fall.","correct":false,"explanation":"The price fall is expected, but quantity rises because the supply curve has shifted right. The lower price increases quantity demanded until the new equilibrium is reached."}]},{"id":"99fe5526-b265-4cdc-bf79-bea2461e2b8c","cardType":"basic","points":2,"front":"What happens to equilibrium price and quantity after a leftward supply shift?","back":"Equilibrium price rises, while equilibrium quantity falls.","mcqOptions":[{"text":"Equilibrium price rises, while equilibrium quantity falls.","correct":true,"explanation":"A leftward supply shift reduces supply at every price, creating a shortage at the old price. Price is bid up, and the higher price reduces quantity demanded."},{"text":"Equilibrium price falls, while equilibrium quantity rises.","correct":false,"explanation":"These are the effects of a rightward supply shift. A leftward shift creates a shortage, which raises equilibrium price and reduces equilibrium quantity."},{"text":"Both equilibrium price and equilibrium quantity rise.","correct":false,"explanation":"The price rise is correct, but quantity does not rise after supply contracts. The higher price causes quantity demanded to contract along the demand curve."},{"text":"Both equilibrium price and equilibrium quantity fall.","correct":false,"explanation":"The quantity fall is correct, but reduced supply creates a shortage and bids price upward. Therefore equilibrium price rises rather than falls."}]},{"id":"b9946b9d-4c48-4dd4-a1d5-1d7409673f88","cardType":"cloze","points":null,"front":"A rightward demand shift creates a [ ] at the old price.","back":"A rightward demand shift creates a shortage at the old price.","mcqOptions":[{"text":"shortage","correct":true,"explanation":"A rightward demand shift increases quantity demanded at the old price while supply is initially unchanged. Quantity demanded exceeds quantity supplied, creating a shortage."},{"text":"surplus","correct":false,"explanation":"A surplus occurs when quantity supplied exceeds quantity demanded, as after a rightward supply shift or leftward demand shift. Higher demand instead creates a shortage at the old price."},{"text":"equilibrium","correct":false,"explanation":"The old price is no longer an equilibrium after demand shifts because quantity demanded exceeds quantity supplied. This imbalance is specifically a shortage."},{"text":"deflation","correct":false,"explanation":"Deflation is a general fall in the price level, not the market imbalance caused by stronger demand. A rightward demand shift creates a shortage at the old price."}]},{"id":"cfa3a9bb-46f5-4692-8a37-2c853e440d6a","cardType":"cloze","points":null,"front":"A leftward demand shift creates a [ ] at the old price, forcing price down.","back":"A leftward demand shift creates a surplus at the old price, forcing price down.","mcqOptions":[{"text":"surplus","correct":true,"explanation":"A leftward demand shift reduces quantity demanded at the old price while supply is initially unchanged. Quantity supplied exceeds quantity demanded, creating a surplus and pushing price down."},{"text":"shortage","correct":false,"explanation":"A shortage occurs when quantity demanded exceeds quantity supplied, as after a rightward demand shift. Weaker demand instead leaves a surplus at the old price."},{"text":"equilibrium","correct":false,"explanation":"The old price cannot be an equilibrium after demand falls because quantity supplied exceeds quantity demanded. The resulting imbalance is a surplus."},{"text":"inflation","correct":false,"explanation":"Inflation is a general rise in the price level, not the market imbalance caused by weaker demand. A leftward demand shift creates a surplus at the old price."}]},{"id":"aa524ae8-0600-4347-ae64-0e2c26415673","cardType":"cloze","points":null,"front":"A rightward supply shift creates a [ ] at the old price.","back":"A rightward supply shift creates a surplus at the old price.","mcqOptions":[{"text":"surplus","correct":true,"explanation":"A rightward supply shift increases quantity supplied at the old price while demand is initially unchanged. Quantity supplied exceeds quantity demanded, creating a surplus."},{"text":"shortage","correct":false,"explanation":"A shortage occurs when quantity demanded exceeds quantity supplied, as after a leftward supply shift. Increased supply instead creates a surplus at the old price."},{"text":"equilibrium","correct":false,"explanation":"The old price is not an equilibrium after supply increases because quantity supplied exceeds quantity demanded. This imbalance is a surplus."},{"text":"rationing","correct":false,"explanation":"Rationing is a method of allocating scarce goods, usually associated with shortages. A rightward supply shift creates excess supply, or a surplus, at the old price."}]},{"id":"6326400f-f8fb-4a52-8985-39370663638c","cardType":"cloze","points":null,"front":"A leftward supply shift creates a [ ] at the old price, bidding price up.","back":"A leftward supply shift creates a shortage at the old price, bidding price up.","mcqOptions":[{"text":"shortage","correct":true,"explanation":"A leftward supply shift reduces quantity supplied at the old price while demand is initially unchanged. Quantity demanded exceeds quantity supplied, creating a shortage that bids price up."},{"text":"surplus","correct":false,"explanation":"A surplus occurs when quantity supplied exceeds quantity demanded, as after a rightward supply shift. Reduced supply instead creates a shortage at the old price."},{"text":"equilibrium","correct":false,"explanation":"The old price cannot be an equilibrium after supply falls because quantity demanded exceeds quantity supplied. The resulting imbalance is a shortage."},{"text":"contraction","correct":false,"explanation":"A contraction describes a movement along a curve caused by a price change, not the initial imbalance from reduced supply. The leftward shift creates a shortage."}]},{"id":"7f0abf4d-62e1-4eaa-9fcb-3cdf4e79b3a9","cardType":"basic","points":2,"front":"Why does a shortage caused by higher demand raise equilibrium quantity as well as price?","back":"Higher price causes quantity supplied to expand along the supply curve.","mcqOptions":[{"text":"Higher price causes quantity supplied to expand along the supply curve.","correct":true,"explanation":"Higher demand creates a shortage and bids price up. The higher price gives firms an incentive to supply more, causing an expansion of quantity supplied along the existing supply curve."},{"text":"Higher price causes supply to shift right.","correct":false,"explanation":"A higher price causes movement along the existing supply curve, increasing quantity supplied. A rightward supply shift requires a non-price change such as lower production costs."},{"text":"Higher price causes quantity demanded to expand along the demand curve.","correct":false,"explanation":"A higher price causes quantity demanded to contract, not expand, along the demand curve. Quantity supplied expands because firms respond to the higher price."},{"text":"Higher price causes quantity supplied to contract along the supply curve.","correct":false,"explanation":"This reverses the normal supply relationship. Along an upward-sloping supply curve, a higher price causes an expansion in quantity supplied, helping eliminate the shortage."}]},{"id":"22718e9e-0794-4b2b-be85-09547e215b7d","cardType":"basic","points":2,"front":"Coffee sells at £4 with 1,000 cups sold. Demand rises and equilibrium becomes £5 with 1,150 cups sold. What happened?","back":"Equilibrium price rose from £4 to £5 and quantity rose from 1,000 to 1,150 cups.","mcqOptions":[{"text":"Equilibrium price rose from £4 to £5 and quantity rose from 1,000 to 1,150 cups.","correct":true,"explanation":"The figures show a £1 increase in equilibrium price and an increase of 150 cups in equilibrium quantity. This is consistent with a rightward shift in demand."},{"text":"Equilibrium price fell from £4 to £5 and quantity rose from 1,000 to 1,150 cups.","correct":false,"explanation":"£5 is higher than £4, so price rose rather than fell. The quantity increase is correctly identified, but the price direction is reversed."},{"text":"Equilibrium price rose from £4 to £5 and quantity fell from 1,000 to 1,150 cups.","correct":false,"explanation":"The price increase is correct, but 1,150 is greater than 1,000, so quantity rose by 150 cups rather than falling."},{"text":"Equilibrium price fell from £4 to £5 and quantity fell from 1,000 to 1,150 cups.","correct":false,"explanation":"Both changes are reversed in this option: £5 is a higher price than £4, and 1,150 cups is a greater quantity than 1,000 cups."}]},{"id":"301becb5-d935-44cf-81a3-c321fdd7c2c2","cardType":"basic","points":2,"front":"Wheat supply shifts left during a drought. Why does the equilibrium price rise?","back":"The drought creates a shortage at the old price, bidding price up.","mcqOptions":[{"text":"The drought creates a shortage at the old price, bidding price up.","correct":true,"explanation":"A drought reduces supply, so at the old price quantity demanded exceeds the smaller quantity supplied. This shortage puts upward pressure on the equilibrium price."},{"text":"The drought creates a surplus at the old price, bidding price up.","correct":false,"explanation":"Reduced supply does not create excess supply. It creates a shortage at the old price, with quantity demanded exceeding quantity supplied and bidding price up."},{"text":"The drought creates a shortage at the new price, bidding price down.","correct":false,"explanation":"The initial shortage occurs at the old price and pushes price upward. The new equilibrium price is reached after adjustment, while a shortage would not bid price down."},{"text":"The drought creates a surplus at the new price, bidding price up.","correct":false,"explanation":"A supply reduction initially creates a shortage at the old price, not a surplus at the new price. That shortage causes the price to rise toward equilibrium."}]},{"id":"f00d9a7c-872e-4eda-9735-1bf28414c447","cardType":"basic","points":2,"front":"Wheat trades at £200 with 500 tonnes sold. After a drought, equilibrium becomes £260 with 420 tonnes sold. What happened?","back":"Equilibrium price rose from £200 to £260, while quantity fell from 500 to 420 tonnes.","mcqOptions":[{"text":"Equilibrium price rose from £200 to £260, while quantity fell from 500 to 420 tonnes.","correct":true,"explanation":"The drought shifted supply left: price increased by £60, while quantity decreased by 80 tonnes. This is the expected equilibrium outcome when supply contracts."},{"text":"Equilibrium price fell from £200 to £260, while quantity fell from 500 to 420 tonnes.","correct":false,"explanation":"Quantity did fall, but £260 is higher than £200, so equilibrium price rose by £60. The price movement has been reversed."},{"text":"Equilibrium price rose from £200 to £260, while quantity rose from 500 to 420 tonnes.","correct":false,"explanation":"The price rose, but 420 tonnes is less than 500 tonnes, so quantity fell by 80 tonnes. The quantity direction is reversed in this option."},{"text":"Equilibrium price fell from £200 to £260, while quantity rose from 500 to 420 tonnes.","correct":false,"explanation":"Both directions are incorrect: £260 exceeds £200, so price rose, while 420 tonnes is below 500 tonnes, so quantity fell."}]},{"id":"714e0a15-d0f1-4fb0-a7b1-67305a4bd1cc","cardType":"basic","points":1,"front":"If demand and supply both rise, which equilibrium variable clearly rises?","back":"Equilibrium quantity clearly rises.","mcqOptions":[{"text":"Equilibrium quantity clearly rises.","correct":true,"explanation":"An increase in both demand and supply raises equilibrium quantity: demand pushes quantity upward and supply also makes more available. Their effects on price may offset, so price is indeterminate."},{"text":"Equilibrium price clearly rises.","correct":false,"explanation":"Demand rising pushes price up, but supply rising pushes price down. Without knowing which shift is larger, the change in equilibrium price cannot be determined clearly."},{"text":"Equilibrium price clearly falls.","correct":false,"explanation":"Supply rising can lower price, but higher demand can raise it. The relative sizes of the shifts determine the outcome, so price is not necessarily lower."},{"text":"Both equilibrium price and equilibrium quantity clearly rise.","correct":false,"explanation":"Quantity clearly rises, but price is indeterminate because stronger demand raises it while stronger supply lowers it. Both variables therefore cannot be said to rise clearly."}]},{"id":"4a4b7a38-30be-42d5-8bb2-dc7407c82fe5","cardType":"cloze","points":null,"front":"When demand and supply both rise, the change in [ ] is often indeterminate.","back":"When demand and supply both rise, the change in equilibrium price is often indeterminate.","mcqOptions":[{"text":"equilibrium price","correct":true,"explanation":"Higher demand tends to raise equilibrium price, while higher supply tends to lower it. Without knowing the relative size of the shifts, the overall price change is indeterminate."},{"text":"equilibrium quantity","correct":false,"explanation":"Both higher demand and higher supply tend to increase equilibrium quantity, so equilibrium quantity clearly rises. It is equilibrium price whose change is often indeterminate."},{"text":"quantity demanded","correct":false,"explanation":"The question concerns the final equilibrium variable affected by both shifts. Quantity demanded at equilibrium rises with the larger market outcome, while equilibrium price may move either way."},{"text":"consumer surplus","correct":false,"explanation":"Consumer surplus may change when demand and supply shift, but its direction depends on price and demand conditions. The standard indeterminate equilibrium variable here is equilibrium price."}]},{"id":"b47a1032-ff8b-4f47-9ef1-a198e2519bab","cardType":"basic","points":2,"front":"Why can the price change be indeterminate when demand and supply both rise?","back":"It depends on the relative size of the two shifts.","mcqOptions":[{"text":"It depends on the relative size of the two shifts.","correct":true,"explanation":"When demand and supply both increase, quantity will rise, but the price effect depends on which curve shifts further relative to the other. A larger demand shift raises price, while a larger supply shift lowers it."},{"text":"It always causes a fall in price.","correct":false,"explanation":"A supply increase tends to reduce price, but a sufficiently large demand increase can raise it instead. The price outcome is therefore determined by the relative size of the two shifts."},{"text":"It always causes a rise in price.","correct":false,"explanation":"A demand increase tends to raise price, but a sufficiently large supply increase can lower it instead. The price outcome is therefore determined by the relative size of the two shifts."},{"text":"It leaves the equilibrium price unchanged.","correct":false,"explanation":"Price is unchanged only if the upward pressure from higher demand exactly offsets the downward pressure from higher supply. Because their relative sizes may differ, the price change cannot be assumed."}]},{"id":"919c32ca-ec31-47bf-8691-05f00a521972","cardType":"basic","points":1,"front":"What determines the size of equilibrium price and quantity changes after a shift?","back":"The price elasticity of demand and supply.","mcqOptions":[{"text":"The price elasticity of demand and supply.","correct":true,"explanation":"Elasticity measures how strongly quantity demanded and supplied respond to price changes. These responsiveness measures determine how much of a curve shift appears as a change in equilibrium price or quantity."},{"text":"The income elasticity of demand and supply.","correct":false,"explanation":"Income elasticity concerns quantity responses to changes in income, not price. Equilibrium responses to curve shifts depend on the price elasticity of demand and supply."},{"text":"The size of the original equilibrium price only.","correct":false,"explanation":"The starting price alone does not determine how the market responds. The key factor is how sensitively demand and supply quantities respond to price, measured by their price elasticities."},{"text":"The number of firms in the market only.","correct":false,"explanation":"The number of firms can influence supply conditions, but it does not by itself determine the size of equilibrium changes. Demand and supply price elasticities determine the division between price and quantity effects."}]},{"id":"5c90b47e-d536-4961-84bb-61c8c5a625a2","cardType":"basic","points":2,"front":"What is the effect of a demand rise when supply is inelastic?","back":"It causes a large price rise and only a small quantity rise.","mcqOptions":[{"text":"It causes a large price rise and only a small quantity rise.","correct":true,"explanation":"With inelastic supply, producers cannot expand output much when demand increases. Most of the adjustment therefore occurs through a substantial increase in price, with only a limited increase in quantity."},{"text":"It causes a small price rise and a large quantity rise.","correct":false,"explanation":"This is the typical result when supply is elastic, because firms can expand output substantially. Inelastic supply restricts the quantity response, so the demand increase mainly produces a large price rise."},{"text":"It causes a large price fall and only a small quantity fall.","correct":false,"explanation":"A demand rise shifts demand to the right, creating upward rather than downward pressure on both equilibrium price and quantity. Inelastic supply makes the price increase large and the quantity increase small."},{"text":"It causes no price change and a large quantity rise.","correct":false,"explanation":"A demand increase cannot normally leave price unchanged when supply is upward sloping. Inelastic supply means output changes little, so the main effect is a large increase in price."}]},{"id":"c2951d6b-c221-4a24-8e90-07df0895cef0","cardType":"basic","points":2,"front":"Why does a demand rise mainly increase house prices rather than housing quantity?","back":"Housing supply is price inelastic because new houses take years to build.","mcqOptions":[{"text":"Housing supply is price inelastic because new houses take years to build.","correct":true,"explanation":"Construction takes considerable time, so housing suppliers cannot quickly increase the quantity available after demand rises. Limited short-run supply responsiveness therefore places most upward pressure on house prices."},{"text":"Housing supply is price elastic because new houses take years to build.","correct":false,"explanation":"A long construction period limits how quickly the quantity of housing can respond, which makes short-run supply inelastic. Elastic supply would require producers to expand output readily after a price rise."},{"text":"Housing demand is price inelastic because new houses take years to build.","correct":false,"explanation":"The construction time concerns producers’ ability to change housing supply, not consumers’ responsiveness to price. It is housing supply that is price inelastic in the short run."},{"text":"Housing supply is price inelastic because house prices are already low.","correct":false,"explanation":"The relevant cause is the lengthy construction process, which prevents a rapid increase in housing quantity. The existing level of house prices does not determine supply elasticity."}]},{"id":"3fefa61a-357d-49e9-a027-ffaed7ad416c","cardType":"cloze","points":null,"front":"A poor harvest or supply disruption can cause a large price spike because short-run commodity supply is [ ].","back":"A poor harvest or supply disruption can cause a large price spike because short-run commodity supply is inelastic.","mcqOptions":[{"text":"inelastic","correct":true,"explanation":"Short-run commodity production cannot respond quickly to a poor harvest or disruption. With inelastic supply, a reduction in available output produces a relatively large increase in equilibrium price."},{"text":"elastic","correct":false,"explanation":"Elastic supply would allow producers to increase quantity substantially in response to higher prices, limiting the price spike. Short-run commodity supply is usually inelastic because production cannot adjust quickly."},{"text":"perfectly inelastic","correct":false,"explanation":"A disruption may make short-run supply relatively inelastic, but producers are not normally unable to change output at all. The appropriate general term is inelastic, rather than perfectly inelastic."},{"text":"unit elastic","correct":false,"explanation":"Unit elastic supply means the percentage change in quantity exactly matches the percentage change in price. A supply disruption causes a large price response because short-run commodity supply is inelastic."}]},{"id":"20a98be4-c871-4e94-bf27-cfd84f0d25cf","cardType":"basic","points":2,"front":"How does the price mechanism self-correct a shortage?","back":"A shortage creates upward pressure on price, moving the market towards equilibrium.","mcqOptions":[{"text":"A shortage creates upward pressure on price, moving the market towards equilibrium.","correct":true,"explanation":"At a shortage, consumers compete for limited goods, encouraging sellers to raise prices. The higher price reduces quantity demanded and increases quantity supplied, eliminating the shortage towards equilibrium."},{"text":"A shortage creates downward pressure on price, moving the market towards equilibrium.","correct":false,"explanation":"A shortage means quantity demanded exceeds quantity supplied, so buyers compete for scarce goods and push the price upwards. A falling price would increase the shortage rather than remove it."},{"text":"A shortage creates upward pressure on quantity supplied, moving the market towards equilibrium.","correct":false,"explanation":"The price mechanism directly creates upward pressure on price, not an immediate independent pressure on quantity supplied. The higher price then provides the incentive for suppliers to increase quantity."},{"text":"A shortage creates no pressure on price, leaving the market below equilibrium.","correct":false,"explanation":"Excess demand creates competition among buyers, which normally raises price. That price movement is the self-correcting mechanism that reduces quantity demanded and encourages greater quantity supplied."}]},{"id":"39bb5e3d-32bd-477e-83ec-86abf008617d","cardType":"basic","points":3,"front":"What can make market adjustment slow or prevent equilibrium being reached?","back":"

Sticky prices from menu costs, wage contracts or regulated tariffs
Supply lags that delay quantity responses
Price controls that lock in shortages or surpluses

","mcqOptions":[{"text":"

Sticky prices from menu costs, wage contracts or regulated tariffs
Supply lags that delay quantity responses
Price controls that lock in shortages or surpluses

","correct":true,"explanation":"Menu costs, contracts and regulation can prevent prices changing; production may respond slowly; and price controls can stop the market price reaching equilibrium. Together, these factors delay or prevent adjustment."},{"text":"

Flexible prices that change immediately
Instant supply responses to every price change
Competitive markets with no intervention

","correct":false,"explanation":"These conditions help markets adjust quickly rather than slowing adjustment. The relevant barriers are sticky prices, supply lags and price controls, which prevent prices or quantities responding promptly."},{"text":"

Rising demand that increases sales
Falling costs that raise profitability
Higher productivity that expands output

","correct":false,"explanation":"These changes can shift demand or supply but do not necessarily prevent the market reaching a new equilibrium. Slow adjustment is caused by sticky prices, supply lags and binding price controls."},{"text":"

Perfect information among buyers and sellers
Low transaction costs for all trades
Free movement of resources between firms

","correct":false,"explanation":"These features generally make market adjustment easier and faster. Adjustment is slowed or blocked instead by price rigidities, delays in changing supply, and controls that prevent equilibrium prices."}]}]}],"examCountdown":null,"heading":"2.4.2 effects of shifts in demand and supply curves on equilibrium price and quantity","title":"2.4.2 effects of shifts in demand and supply curves on equilibrium price and quantity Flashcards","topbar":{"backHref":"/international-a-level/economics/cie/flashcards"},"topicSidebar":"$L39"}]}],"topicId":"37e62474-ade7-40ad-a08d-f0277a068322","walled":"$L3a"}],"$L3b","$L3c"]