determining market price
The graph shows a point of equilibrium. How many goods must be supplied to achieve equilibrium? 15 20 25 30
15
The graph shows excess supply. Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium? It needs to be increased. It needs to be decreased. It needs to reach the price ceiling. It needs to remain unchanged.
It needs to be decreased.
Which occurs during market equilibrium? Check all that apply. Supply and demand meet at a specific price. Supply is slightly greater than demand. Supply and demand meet at a specific quantity. Supply and demand meet at a demand point. Supply and demand meet at a supply point.
Supply and demand meet at a specific price. Supply and demand meet at a specific quantity.
Which explains the connection between the law of demand and excess demand? The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand. The law states that increases in price increases leads to greater quantity demanded and limited supply, which occurs during excess demand. The law states that decreases in price leads to greater supply and equilibrium, which occurs during excess demand. The law states that increases in price leads to greater supply and equilibrium, which occurs during excess demand.
The law states that decreases in price leads to greater quantity demanded and limited supply, which occurs during excess demand.
The graph shows a point of equilibrium. If the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach equilibrium? The price of the product will increase to meet equilibrium. The price of the product will decrease to meet equilibrium. Supply and demand must be raised. Supply and demand must be lowered.
The price of the product will decrease to meet equilibrium.
On a graph, an equilibrium point is where a supply curve and a demand curve meet. a supply curve is higher than a demand curve. the supply and demand curves head up. the supply and demand curves head down.
a supply curve and a demand curve meet.
A limited amount of goods available means that excess ________ is occurring.
demand
A car dealer who does not have enough customers for a supply of new cars faces equilibrium. disequilibrium. coordination. excess demand.
disequilibrium.
What happens when the quantity of a good supplied at a given price is greater than the quantity demanded? excess supply stable prices exact equilibrium increased production
excess supply
Disequilibrium occurs when quantity supplied is equal to quantity demanded. quantity supplied does not equal quantity demanded. supply coordinates with price. supply coordinates with quantity.
quantity supplied does not equal quantity demanded.
A limited amount of goods available means that excess _________ is occurring.
supply
Equilibrium is defined when supply is limited and demand decreases. supply and demand meet. demand is higher than supply. supply is higher than demand.
supply and demand meet.
The graph shows demand. In order to achieve equilibrium, what else must be included on the graph? disequilibrium supply curve excess supply excess demand
supply curve
The graph shows a point of equilibrium. What does "P" represent on the graph? the point where equilibrium is achieved the price at the equilibrium point the average price of goods sold the point where supply and demand drop
the price at the equilibrium point
The graph shows a point of equilibrium. What does "Q" represent on the graph? the point where equilibrium is achieved the quantity at the equilibrium point the average cost of goods sold the point where supply and demand drop
the quantity at the equilibrium point
