AnswersVHS-Economics and Personal FinanceDetermining Market Price

Determining Market Price Answers

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The graph shows excess demand.Which needs to happen in order to stop disequilibrium from occurring?

Question illustration
A
Q needs to be coordinated with supply.
B
Q needs to be coordinated with demand.
C
The price of goods needs to be increased.
D
The price of goods needs to be decreased.
2
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Which occurs during market equilibrium? Select two options.

A
Supply and demand meet at a specific price.
B
Supply is slightly greater than demand.
C
Supply and demand meet at a specific quantity.
D
Supply and demand meet at a demand point.
E
Supply and demand meet at a supply point.
3

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

A
excess supply
B
stable prices
C
exact equilibrium
D
increased production
4

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

Question illustration
A
It needs to be increased.
B
It needs to be decreased.
C
It needs to reach the price ceiling.
D
It needs to remain unchanged.
5

Both excess supply and excess demand are a result of

A
equilibrium.
B
disequilibrium.
C
overproduction.
D
elasticity.
6

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

Question illustration
A
As prices rise, quantity demanded goes up.
B
As prices rise, quantity demanded goes down.
C
As prices rise, quantity demanded stays the same.
D
As prices rise, quantity demanded disappears.
7

[BLANK]

A
demand curve
B
supply curve
C
equilibrium point
D
excess supply
8

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

A
equilibrium.
B
disequilibrium.
C
coordination.
D
excess demand.
9

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

Question illustration
A
the point where equilibrium is achieved
B
the price at the equilibrium point
C
the average price of goods sold
D
the point where supply and demand drop
10

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.

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