Determining Market Price

Question 1

What is the point at which supply and demand intersect?equilibrium pointdisequilibrium pointexcess supply pointexcess demand point

Revolt · Accepted Answer

equilibrium point

Question 2

supply✔ demand

Revolt · Accepted Answer

demand

Question 3

lower prices✔ higher prices

Revolt · Accepted Answer

higher prices

Question 4

[___] The price of a product has dropped greatly, and store owners do not have enough of the item to meet demand.

Revolt · Accepted Answer

shortage; The price of a product has dropped greatly, and store owners do not have enough of the item to meet demand.: shortage; Demand for a new truck is beginning to increase, but car dealerships still have too many of these trucks on their lots.: surplus; The price for a popular holiday toy has risen too high, and consumers are not purchasing items in stock on store shelves.: surplus

Question 5

[___] Demand for a new truck is beginning to increase, but car dealerships still have too many of these trucks on their lots.

Revolt · Accepted Answer

surplus

Question 6

[___] The price for a popular holiday toy has risen too high, and consumers are not purchasing items in stock on store shelves.

Revolt · Accepted Answer

surplus

Question 7

[___] Demand curve

Revolt · Accepted Answer

B; Demand curve: B; Supply curve: A; Equilibrium point: C

Question 8

[___] Supply curve

Revolt · Accepted Answer

A

Question 9

[___] Equilibrium point

Revolt · Accepted Answer

C

Question 10

In this example, what is occurring within the market? [___]

Revolt · Accepted Answer

disequilibrium

Determining Market Price Answers

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