Exam (elaborations)
ECS1501 assignment 7 2024 | Due 26 August 2024
- Course
- Economics IA (ECS1501)
- Institution
- University Of South Africa (Unisa)
ECS1501 assignment 7 2024 Due 26 August 2024
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1 review
By: kabelotsokakp • 3 months ago
this has nothing to do with assignment 7. i want my money back.
Content preview
1. UNISA2. 2024
3. ECS1501-24-Y
4. Assessments
5. Assessment 7
Assessment 7
Open course index
Open block drawer
Started on Saturday, 24 August 2024, 9:43 AM
State Finished
Completed on Saturday, 24 August 2024, 10:00 AM
Time taken 16 mins 38 secs
Marks 16.00/16.00
Grade 100.00 out of 100.00
Opened: Friday, 23 August 2024, 8:00 AM
Closes: Monday, 26 August 2024, 9:00 PM
Question 1
Complete
Mark 1.00 out of 1.00
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Question text
If the price of running shoes is above the equilibrium price, there will be an excess supply of running shoes.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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
Feedback
The statement is true. At any price above the equilibrium price, there is an excess supply of running shoes,
leading to a surplus. Market forces then drive the price downward to eliminate the surplus and restore
equilibrium.
Adjustment process:
To eliminate the surplus, market forces drive the price downward:
Producers lower prices: To sell the excess stock of running shoes, producers
reduce prices.
Quantity demanded increases: As prices fall, more consumers are willing
and able to buy running shoes, increasing the quantity demanded.
Quantity supplied decreases: As prices fall, producers are less willing to
supply as many running shoes, decreasing the quantity supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied equals
the quantity demanded, and the surplus is eliminated.
Question 2
Complete
Mark 1.00 out of 1.00
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Question text
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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
Feedback
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.
Question 4
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if there is no tendency for things to change.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
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
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