AnswersEconomicsDetermining Market Price

Determining Market Price — Quiz Answers

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1
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Disequilibrium occurs when

A
quantity supplied does not equal quantity demanded.
B
quantity supplied is equal to quantity demanded.
C
supply coordinates with quantity.
D
supply coordinates with price.
2
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Which explains the connection between the law of demand and excess demand?

A
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.
B
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand.
C
The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.
D
The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand.
3

A car dealer who does not have enough customers for a supply of new cars faces

A
equilibrium.
B
disequilibrium.
C
coordination.
D
excess demand.
4

Which occurs during market equilibrium? Choose two correct answers.

A
Supply and demand meet at a specific price.
B
Supply and demand meet at a supply point.
C
Supply and demand meet at a specific quantity.
D
Supply and demand meet at a demand point.
E
Supply is slightly greater than demand.
5

What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?

A
exact equilibrium
B
excess supply
C
increased production
D
stable prices
6

Both excess supply and excess demand are a result of

A
overproduction.
B
disequilibrium.
C
elasticity.
D
equilibrium.
7

What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?

A
exact equilibrium
B
excess supply
C
stable prices
D
increased production
8

Which explains the connection between the law of demand and excess demand?

A
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.
B
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand.
C
The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.
D
The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand.
9

In order to achieve equilibrium, what else must be included on the graph?

A
disequilibrium
B
excess supply
C
excess demand
D
supply curve
10

If the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach equilibrium?

A
The price of the product will decrease to meet equilibrium.
B
Supply and demand must be lowered.
C
Supply and demand must be raised.
D
The price of the product will increase to meet equilibrium.
11

Which occurs during market equilibrium? Choose two correct answers.

A
Supply and demand meet at a demand point.
B
Supply and demand meet at a specific price.
C
Supply and demand meet at a specific quantity.
D
Supply and demand meet at a supply point.
E
Supply is slightly greater than demand.
12

A car dealer who does not have enough customers for a supply of new cars faces

A
disequilibrium.
B
coordination.
C
excess demand.
D
equilibrium.
13

A car dealer who does not have enough customers for a supply of new cars faces

A
equilibrium.
B
coordination.
C
excess demand.
D
disequilibrium.
14

Which explains the connection between the law of demand and excess demand?

A
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand.
B
The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.
C
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.
D
The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand.
15

Disequilibrium occurs when

A
supply coordinates with quantity.
B
quantity supplied is equal to quantity demanded.
C
quantity supplied does not equal quantity demanded.
D
supply coordinates with price.
16

Disequilibrium occurs when

A
supply coordinates with quantity.
B
quantity supplied is equal to quantity demanded.
C
supply coordinates with price.
D
quantity supplied does not equal quantity demanded.
17

Which occurs during market equilibrium? Choose two correct answers.

A
Supply and demand meet at a supply point.
B
Supply and demand meet at a specific price.
C
Supply and demand meet at a demand point.
D
Supply is slightly greater than demand.
E
Supply and demand meet at a specific quantity.
18

Both excess supply and excess demand are a result of

A
elasticity.
B
equilibrium.
C
overproduction.
D
disequilibrium.
19

Both excess supply and excess demand are a result of

A
equilibrium.
B
disequilibrium.
C
elasticity.
D
overproduction.
20

What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?

A
stable prices
B
exact equilibrium
C
excess supply
D
increased production

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