B: the price at the equilibrium point

Answers FL-2102310-EconomicsThe Law of Supply and Demand

Determining Market Price Answers

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

It needs to be increased.

It needs to be decreased.

It needs to reach the price ceiling.

It needs to remain unchanged.

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Supply and demand coordinate to determine prices by working

together.

competitively.

with other factors.

separately.

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

As prices rise, quantity demanded goes up.

As prices rise, quantity demanded goes down.

As prices rise, quantity demanded stays the same.

As prices rise, quantity demanded disappears.

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

As prices fall, quantity demanded goes up.

As prices fall, quantity demanded goes down.

As prices fall, quantity demanded stays the same.

As prices fall, quantity demanded disappears.

Equilibrium is defined when

supply is limited and demand decreases.

supply and demand meet.

demand is higher than supply.

supply is higher than demand.

Disequilibrium occurs when

quantity supplied is equal to quantity demanded.

quantity supplied does not equal quantity demanded.

supply coordinates with price.

supply coordinates with quantity.

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

The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.

The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand.

The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand.

The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.

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

excess supply

stable prices

exact equilibrium

increased production

Both excess supply and excess demand are a result of

equilibrium.

disequilibrium.

overproduction.

elasticity.

On a graph, an equilibrium point is where

a supply curve and a demand curve meet.

a supply curve is higher than a demand curve.

the supply and demand curves head up.

the supply and demand curves head down.

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

equilibrium.

disequilibrium.

coordination.

excess demand.

The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?

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

disequilibrium

supply curve

excess supply

excess demand

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?

The price of the product will increase to meet equilibrium.

The price of the product will decrease to meet equilibrium.

Supply and demand must be raised.

Supply and demand must be lowered.

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.

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.

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