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

Determining Market Price Answers

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1
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Where is the equilibrium point on this graph?

A
where the demand curve begins and the supply curve ends
B
where the demand curve and the supply curve cross each other
C
where the supply curve begins and the demand curve ends
D
where both curves begin heading downward
2
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"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?

A
They should rise.
B
They should fall.
C
They should stay the same.
3

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

A
$25
B
$20
C
$15
D
$10
4

"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?

A
equilibrium
B
excess supply
C
excess demand
5

"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?

A
equilibrium
B
surplus
C
shortage
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?

A
They should rise.
B
They should fall.
C
They should stay the same.

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