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Questions and Answers
What is the point at which demand equals supply?
What is the point at which demand equals supply?
- Equilibrium (correct)
- Supply response
- Demand curve
- Market price
What happens to price when there is a shortage in the market?
What happens to price when there is a shortage in the market?
- It decreases
- It fluctuates randomly
- It increases (correct)
- It remains constant
What effect does a surplus have on the market price?
What effect does a surplus have on the market price?
- It remains constant
- It increases
- It has no effect
- It decreases (correct)
What is the equilibrium price in the given scenario?
What is the equilibrium price in the given scenario?
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What does the market experience when demand exceeds supply?
What does the market experience when demand exceeds supply?
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What is the response of suppliers to an increase in price?
What is the response of suppliers to an increase in price?
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What is the response of consumers to an increase in price?
What is the response of consumers to an increase in price?
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What happens to the quantity demanded as price increases?
What happens to the quantity demanded as price increases?
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What happens to the quantity supplied as price increases?
What happens to the quantity supplied as price increases?
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What is the significance of equilibrium in the market?
What is the significance of equilibrium in the market?
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