Determining Market Price Answers
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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?
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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The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?
A
15B
20C
25D
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The graph shows a point of equilibrium.What does "P" represent on the graph?
A
the point where equilibrium is achievedB
the price at the equilibrium pointC
the average price of goods soldD
the point where supply and demand drop4
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?
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.5
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.Did you find these answers helpful?
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