18. If the price is above the equilibrium level, would you predict a surplus or a shortage? If the price is below the equilibrium level, would you predict a surplus or a shortage?

19. When the price is above the equilibrium, how market forces move the market price to equilibrium.

20. What is the difference between the demand and the quantity demanded of a product, say milk?

21. What is the difference between the supply and the quantity supplied of a product, say milk?

23. Name some factors that can cause a shift in the demand curve in markets for goods and services.

24. what are some factors that can cause a shift in the supply curve in markets for goods and services.

25. How does one analyze a market where both demand and supply shift?

26. What causes a movement along the demand curve? What causes a movement along the supply curve?

27. Does a price ceiling attempt to make a price higher or lower?

28. How does a price ceiling set below the equilibrium level affect quantity demanded and quantity supplied?

30. How does a price floor set above the equilibrium level affect quantity demanded and quantity supplied?

31. What is consumer surplus? How is it illustrated on a demand and supply diagram?

32. What is producer surplus?

33. What is total surplus? How is it illustrated on a demand and supply diagram?

34. What is the relationship between total surplus and economic efficiency?

35. What is deadweight loss?