Determining Market Price

Question 1

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

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equilibrium point

Question 2

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

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surplus

Question 3

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

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surplus

Question 4

[___] Demand curve

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A; Selection 1: B; Selection 2: A; Selection 3: C

Question 5

equilibrium✔ disequilibrium

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disequilibrium

Question 6

"A" represents the new quantity demanded, while "B" represents the new quantity supplied.

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excess supply; fall

Question 7

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

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shortage; Selection 1: shortage; Selection 2: surplus; Selection 3: surplus

Question 8

On this graph, the equilibrium point occurs at which price?

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$9

Question 9

"A" represents the new quantity demanded, while "B" represents the new quantity supplied. What is the result of these changes? Based on this graph, what will prices most likely do?

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excess supply; Selection 1: excess supply; Selection 2: fall

Question 10

John is selling his pizza for $6 per slice in an area of high demand. However, customers are not buying his pizza. Using what you learned about the principles of equilibrium, write three to four sentences about how John could solve his problem.

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Determining Market Price Answers

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