The Law of Supply and Demand Answers
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The graph shows a point of equilibrium.What does "Q” represent on the graph?
A
the point where equilibrium is achievedB
the quantity at the equilibrium pointC
the average cost of goods soldD
the point where supply and demand drop2
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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.3
Equilibrium is defined when
A
supply is limited and demand decreases.B
supply and demand meet.C
demand is higher than supply.D
supply is higher than demand.4
What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?
e
excess supplys
stable pricese
exact equilibriumi
increased production5
Supply and demand coordinate to determine prices by working
A
together.B
competitively.C
with other factors.D
separately.6
Both excess supply and excess demand are a result of
A
equilibrium.B
disequilibrium.C
overproduction.D
elasticity.7
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8
Which occurs during market equilibrium? Select two options.Supply and demand meet at a specific price.Supply is slightly greater than demand.Supply and demand meet at a specific quantity.Supply and demand meet at a demand point.Supply and demand meet at a supply point.
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.9
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.Did you find these answers helpful?
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