Determining Market Price

Question 1

What is the point at which supply and demand intersect?equilibrium pointdisequilibrium pointexcess supply pointexcess demand point

Revolt · Accepted Answer

equilibrium point

Question 2

supply✔ demand

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demand

Question 3

lower prices✔ higher prices

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higher prices

Question 4

Choose whether each scenario demonstrates equilibrium, surplus, or shortage..

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✔ shortage; The price of a product has dropped greatly, and store owners do not have enough of the item to meet demand.: shortage; Demand for a new truck is beginning to increase, but car dealerships still have too many of these trucks on their lots.: surplus; The price for a popular holiday toy has risen too high, and consumers are not purchasing items in stock on store shelves.: surplus

Question 5

equilibriumshortage✔ surplus

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✔ surplus

Question 6

equilibriumshortage✔ surplus

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✔ surplus

Question 7

Match each term with the correct part of the graph.

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✔ B; Demand curve: B; Supply curve: A; Equilibrium point: C

Question 8

✔ AX BC

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✔ A

Question 9

AB✔ C

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✔ C

Question 10

equilibrium✔ disequilibrium

Revolt · Accepted Answer

✔ disequilibrium

Determining Market Price Answers

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