Determining Market Price Answers
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A
demand curveB
supply curveC
equilibrium pointD
excess supply2
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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.3
Supply and demand coordinate to determine prices by working
A
together.B
competitively.C
with other factors.D
separately.4
Both excess supply and excess demand are a result of
A
equilibrium.B
disequilibrium.C
overproduction.D
elasticity.5
The graph shows excess demand.Which needs to happen in order to stop disequilibrium from occurring?
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.6
The graph shows excess demand.Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?
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.7
The graph shows demand.In order to achieve equilibrium, what else must be included on the graph?
A
disequilibriumB
supply curveC
excess supplyD
excess demand8
What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?
A
excess supplyB
stable pricesC
exact equilibriumD
increased production9
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.Did you find these answers helpful?
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