10
QuizMultiple Select

Determining Market Price

Question 10 • (Galli)WCA 2221 Civics/Economics 1st nine weeks 26-27

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.

Answer
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.

Explanation

Market equilibrium occurs where the supply and demand curves intersect. That intersection identifies both a specific price and a specific quantity at which the quantity supplied equals the quantity demanded. Supply is not greater than demand at equilibrium, and the intersection is not described as only a demand point or a supply point.

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