Answers2102320-Economics HONORS - Edgenuity TeacherThe Law of Supply and Demand

Determining Market Price Answers

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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.
2
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Both excess supply and excess demand are a result of

A
equilibrium.
B
disequilibrium.
C
overproduction.
D
elasticity.
3

What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?

A
excess supply
B
stable prices
C
exact equilibrium
D
increased production
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

Which explains the connection between the law of demand and excess demand?

A
The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.
B
The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand.
C
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand.
D
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.
6

The graph shows excess demand.Which needs to happen in order to stop disequilibrium from occurring?

Question illustration
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.
7

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
8

[BLANK]

A
demand curve
B
supply curve
C
equilibrium point
D
excess supply
9

The graph shows demand.In order to achieve equilibrium, what else must be included on the graph?

Question illustration
A
disequilibrium
B
supply curve
C
excess supply
D
excess demand
10

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.

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