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

Determining Market Price Answers

10 verified answers1 views
1
Free Preview

A car dealer who does not have enough customers for a supply of new cars faces

e
equilibrium.
d
disequilibrium.
c
coordination.
e
excess demand.
2
Free Preview

Both excess supply and excess demand are a result of

e
equilibrium.
d
disequilibrium.
o
overproduction.
e
elasticity.
3

The graph shows excess supply.Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?

Question illustration
I
It needs to be increased.
I
It needs to be decreased.
I
It needs to reach the price ceiling.
I
It needs to remain unchanged.
4

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

Question illustration
d
disequilibrium
s
supply curve
e
excess supply
e
excess demand
5

Supply and demand coordinate to determine prices by working

t
together.
c
competitively.
w
with other factors.
s
separately.
6

The graph shows excess demand.Which explains why the price indicated by p2 on the graph is lower than the equilibrium price?

Question illustration
A
As prices fall, quantity demanded goes up.
A
As prices fall, quantity demanded goes down.
A
As prices fall, quantity demanded stays the same.
A
As prices fall, quantity demanded disappears.
7

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

Question illustration
Q
Q needs to be coordinated with supply.
Q
Q needs to be coordinated with demand.
T
The price of goods needs to be increased.
T
The price of goods needs to be decreased.
8

Question text not available

Answer:

demand

9

The graph shows excess supply.Which explains why the price indicated by p2 on the graph is higher than the equilibrium price?

Question illustration
A
As prices rise, quantity demanded goes up.
A
As prices rise, quantity demanded goes down.
A
As prices rise, quantity demanded stays the same.
A
As prices rise, quantity demanded disappears.
10

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.

S
Supply and demand meet at a specific price.
S
Supply is slightly greater than demand.
S
Supply and demand meet at a specific quantity.
S
Supply and demand meet at a demand point.
S
Supply and demand meet at a supply point.

Did you find these answers helpful?

More from this Course

Quiz
18 verified answers

2.3 Determining Market Price

Quiz
10 verified answers

Determining Market Price

Quiz
10 verified answers

Quiz