The gap between demand and supply curves above the equilibrium price is ______.

Equilibrium is the condition that existsA.when the demand curve intersects the price axis.B.when the demand curve intersects the quantity axis.C.when quantity demanded equals quantity supplied.D.whenever there is no government intervention in the market.

In a supply-demand diagram with price measured on the vertical axis and quantity on the horizontal, the market equilibrium is found where the supply and demand curves . (Insert a single word.)

Equilibrium price is the price at which quantity_____.*1 pointA. demanded is greater than quantity suppliedB. supplied is greater than quantity demandedC. demanded is equal to quantity suppliedD. supplied equals quantity produced.The slope of a supply curve is_____ *1 pointA. horizontalB. uniformC. positiveD. vertical

Which of the following is not a part of the process which leads to formation of a new equilibrium when price falls below equilibrium price?Extension along supply curveSurplus arising in the marketContraction along demand curveShortage arising in the market

1. In a particular market, demand and supply curves are defined by the following equations: P=100– 0.5QD QS= -200 + 2P where, P is the price in pounds, QS is the quantity supplied and QD¬ is the quantity demanded. (a) What is the equilibrium price and quantity? [5 marks] (b) What is the price elasticity of supply at a price of £35? [5 marks]