Determining Market Price Answers
9 verified answers
1
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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.2
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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.3
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.4
The graph shows a point of equilibrium.How many goods must be supplied to achieve equilibrium?
1
152
202
253
305
What happens when the quantity of a good supplied at a given price is greater than the quantity demanded?
e
excess supplys
stable pricese
exact equilibriumi
increased production6
The graph shows excess demand.Which needs to happen in order to stop disequilibrium from occurring?
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.7
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8
Supply and demand coordinate to determine prices by working
A
together.B
competitively.C
with other factors.D
separately.9
The graph shows demand.In order to achieve equilibrium, what else must be included on the graph?
d
disequilibriums
supply curvee
excess supplye
excess demandDid you find these answers helpful?
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