Determining Market Price Answers

Supply and demand coordinate to determine prices by working

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

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?

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

Both excess supply and excess demand are a result of

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.

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

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

demand curvesupply curveequilibrium pointexcess supply