AnswersFL-2102340-Economics with Financial Literacy Teacher DirectedDetermining Market Price

Determining Market Price Answers

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1
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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.
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

[BLANK]

A
demand curve
B
supply curve
C
equilibrium point
D
excess supply
4

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.
5

Supply and demand coordinate to determine prices by working

A
together.
B
competitively.
C
with other factors.
D
separately.
6

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.
8

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.
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

Both excess supply and excess demand are a result of

A
equilibrium.
B
disequilibrium.
C
overproduction.
D
elasticity.
11

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

Question illustration
A
15
B
20
C
25
D
30
12

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

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