Determining Market Price

Question 1

The graph shows a point of equilibrium.What does "Q” represent on the graph?

Revolt · Accepted Answer

the quantity at the equilibrium point

Question 2

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

Revolt · Accepted Answer

supply curve

Question 3

Supply and demand coordinate to determine prices by working

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together.

Question 4

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

Revolt · Accepted Answer

disequilibrium.

Question 5

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

Revolt · Accepted Answer

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

Question 6

Both excess supply and excess demand are a result of

Revolt · Accepted Answer

disequilibrium.

Question 7

Question is locked

Revolt · Accepted Answer

demand curve

Question 8

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

Revolt · Accepted Answer

As prices rise, quantity demanded goes down.

Question 9

On a graph, an equilibrium point is where

Revolt · Accepted Answer

a supply curve and a demand curve meet.

Question 10

Question is locked

Revolt · Accepted Answer

the price at the equilibrium point

Determining Market Price Answers