Determining Market Price

Question 1

Where is the equilibrium point on this graph?

Revolt · Accepted Answer

where the supply curve begins and the demand curve ends

Question 2

"A" represents the new quantity supplied, while "B" represents the new quantity demanded. | What is the result of these changes? | Based on this graph, what should happen to prices?

Revolt · Accepted Answer

They should rise.

Question 3

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

Revolt · Accepted Answer

excess supply; They should fall.

Question 4

They should rise.✔ They should fall.They should stay the same.

Revolt · Accepted Answer

✔ They should fall.

Question 5

Use the information presented in the curve to answer the following question.What is the equilibrium price for the product?

Revolt · Accepted Answer

$20

Question 6

"A" represents the new quantity supplied, while "B" represents the new quantity demanded. | What is the result of these changes? | Based on this graph, what should happen to prices?

Revolt · Accepted Answer

shortage; They should rise.

Question 7

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

Revolt · Accepted Answer

✔ excess supply; excess supply; They should fall.

Determining Market Price Answers

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