Exam (elaborations)
ECS1501 ASSIGNMENT 4 2024
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Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19951636&cmid=869195…NISA 2024 ECS1501-24-Y Assessments Assessment 4
QUIZ
Started on Saturday, 22 June 2024, 1:29 PM
State Finished
Completed on Saturday, 22 June 2024, 2:04 PM
Time taken 35 mins 19 secs
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1 I con�rm
Complete
that this assessment will be my own individual work;
Not graded
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I con�rm.
I do not con�rm.
,Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19951636&cmid=869195
Question 2 Excess demand for a good will put downward pressure on the price of the good.
Complete
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out of
1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will
neither receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
The statement is false. At any price below the equilibrium price, there is an excess demand for the
good, leading to a shortage. Market forces then drive the price upward to eliminate the shortage and
restore equilibrium.
Adjustment process:
To eliminate the shortage, market forces drive the price upward:
• Consumers bid up prices: As consumers compete to purchase the limited supply, they are willing to
pay higher prices.
• Quantity demanded decreases: As prices rise, some consumers are no longer willing or able to buy
the good, reducing the quantity demanded.
• Quantity supplied increases: As prices rise, producers are more willing to supply the good,
increasing the quantity supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied
equals the quantity demanded, and the shortage is eliminated.
,Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19951636&cmid=869195
Question 3 Equilibrium is a balanced situation where all opposite forces are balanced out.
Complete
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out of
1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will
neither receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
The statement is true. Equilibrium in a market context refers to a state where all opposing economic
forces are balanced, leading to a stable situation where there is no inherent tendency for change. This
balance occurs when the quantity of goods or services demanded by consumers equals the quantity
supplied by producers, resulting in stable prices and quantities.
,Firefox https://mymodules.dtls.unisa.ac.za/mod/quiz/review.php?attempt=19951636&cmid=869195
Question 4 A market can only be in equilibrium if demand is equal to supply.
Complete
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
Mark 1.00 out of
1.00 If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will
neither receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
The statement is false. A market is considered to be in equilibrium when the quantity of goods
supplied equals the quantity of goods demanded at a particular price.
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