AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27Determining Market Price

Determining Market Price Answers

10 verified answers1 views
1
Free Preview

Which occurs during market equilibrium? Select two options.Supply and demand meet at a specific price.Supply is slightly greater than demand.Supply and demand meet at a specific quantity.Supply and demand meet at a demand point.Supply and demand meet at a supply point.

A
Supply and demand meet at a specific price.
B
Supply is slightly greater than demand.
C
Supply and demand meet at a specific quantity.
D
Supply and demand meet at a demand point.
E
Supply and demand meet at a supply point.
2
Free Preview

The graph shows a point of equilibrium.What does "P" represent on the graph?

Question illustration
A
the point where equilibrium is achieved
B
the price at the equilibrium point
C
the average price of goods sold
D
the point where supply and demand drop
3

The graph shows excess supply.Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?

Question illustration
A
It needs to be increased.
B
It needs to be decreased.
C
It needs to reach the price ceiling.
D
It needs to remain unchanged.
4

Disequilibrium occurs when

A
quantity supplied is equal to quantity demanded.
B
quantity supplied does not equal quantity demanded.
C
supply coordinates with price.
D
supply coordinates with quantity.
5

Question is locked

Question illustration
Answer not available
6

The graph shows excess supply.Which explains why the price indicated by p2 on the graph is higher than the equilibrium price?

Question illustration
A
As prices rise, quantity demanded goes up.
B
As prices rise, quantity demanded goes down.
C
As prices rise, quantity demanded stays the same.
D
As prices rise, quantity demanded disappears.
7

The graph shows excess demand.Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?

Question illustration
A
As prices fall, quantity demanded goes up.
B
As prices fall, quantity demanded goes down.
C
As prices fall, quantity demanded stays the same.
D
As prices fall, quantity demanded disappears.
8

The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?

Question illustration
1
15
2
20
2
25
3
30
9

The graph shows excess demand.Which needs to happen in order to stop disequilibrium from occurring?

Question illustration
A
Q needs to be coordinated with supply.
B
Q needs to be coordinated with demand.
C
The price of goods needs to be increased.
D
The price of goods needs to be decreased.
10

Question is locked

Answer not available
11

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

A
excess supply
B
stable prices
C
exact equilibrium
D
increased production
12

Supply and demand coordinate to determine prices by working

A
together.
B
competitively.
C
with other factors.
D
separately.
13

The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?

Question illustration
A
15
B
20
C
25
D
30
14

Both excess supply and excess demand are a result of

A
equilibrium.
B
disequilibrium.
C
overproduction.
D
elasticity.
15

[BLANK]

A
demand curve
B
supply curve
C
equilibrium point
D
excess supply
16

On a graph, an equilibrium point is where

A
a supply curve and a demand curve meet.
B
a supply curve is higher than a demand curve.
C
the supply and demand curves head up.
D
the supply and demand curves head down.
17

The graph shows excess supply.Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?

Question illustration
A
It needs to be increased.
B
It needs to be decreased.
C
It needs to reach the price ceiling.
D
It needs to remain unchanged.
18

Which occurs during market equilibrium? Select two options.

A
Supply and demand meet at a specific price.
B
Supply is slightly greater than demand.
C
Supply and demand meet at a specific quantity.
D
Supply and demand meet at a demand point.
E
Supply and demand meet at a supply point.
19

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.

Did you find these answers helpful?

More from this Course

Quiz
18 verified answers

2.3 Determining Market Price

Quiz
10 verified answers

Determining Market Price

Quiz
10 verified answers

Quiz