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

Determining Market Price Answers

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1
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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.
2
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Supply and demand coordinate to determine prices by working

A
together.
B
competitively.
C
with other factors.
D
separately.
3

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.
4

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.
5

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
6

The graph shows a point of equilibrium.If the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach equilibrium?

Question illustration
A
The price of the product will increase to meet equilibrium.
B
The price of the product will decrease to meet equilibrium.
C
Supply and demand must be raised.
D
Supply and demand must be lowered.
7

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.
8

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
9

A limited amount of goods available means that excess is occurring.

Answer not available
10

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.

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