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Determining Market Price Quiz Questions & Detailed Answers
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Determining Market Price Quiz Questions & Detailed Answers
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Determining Market Price Quiz Questions &Detailed Answers
Which occurs during market equilibrium? Check all that apply. - ANS - supply and
demand meet at a specific price
- supply and demand meet at a specific quantity
The graph shows demand. In order to achieve equilibrium, what else must be
included on the graph? - ANS (B) supply curve
The graph shows excess supply. Which needs to happen to the price indicated by
p2 on the graph in order to achieve equilibrium? - ANS (B) it needs to be decreased
The graph shows excess supply. Which explains why the price indicated by p2 on
the graph is higher than the equilibrium price? - ANS (B) as prices rise, quantity
demanded goes down
A limited amount of goods available means that excess - is occurring. - ANS
Demand
Disequilibrium occurs when - ANS (B) quantity supplied does not equal quantity
demanded
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