Determining Market Price Answers

Both excess supply and excess demand are a result of

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

demand curvesupply curveequilibrium pointexcess supply

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

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

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

Equilibrium is defined when

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.

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