Determining Market Price Answers
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The graph shows a point of equilibrium.What does "Q” represent on the graph?
A
the point where equilibrium is achievedB
the quantity at the equilibrium pointC
the average cost of goods soldD
the point where supply and demand drop3
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4
Which explains the connection between the law of demand and excess demand?
A
The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.B
The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand.C
The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand.D
The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.5
The graph shows excess supply.Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?
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.6
Equilibrium is defined when
A
supply is limited and demand decreases.B
supply and demand meet.C
demand is higher than supply.D
supply is higher than demand.7
Supply and demand coordinate to determine prices by working
A
together.B
competitively.C
with other factors.D
separately.8
Both excess supply and excess demand are a result of
e
equilibrium.d
disequilibrium.o
overproduction.e
elasticity.9
On a graph, an equilibrium point is where
A
a supply curve and a demand curve meet.B
a supply curve is higher than a demand curve.C
the supply and demand curves head up.D
the supply and demand curves head down.10
Disequilibrium occurs when
A
quantity supplied is equal to quantity demanded.B
quantity supplied does not equal quantity demanded.C
supply coordinates with price.D
supply coordinates with quantity.Did you find these answers helpful?
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