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Equilibrium Price and Output Quiz

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Questions and Answers

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?

It decreases

It fluctuates randomly

It increases (correct)

It remains constant

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?

12 Signup and view all the answers

What does the market experience when demand exceeds supply?

Shortage Signup and view all the answers

What is the response of suppliers to an increase in price?

Produce more Signup and view all the answers

What is the response of consumers to an increase in price?

Demand less Signup and view all the answers

What happens to the quantity demanded as price increases?

It decreases Signup and view all the answers

What happens to the quantity supplied as price increases?

It increases Signup and view all the answers

What is the significance of equilibrium in the market?

Shortages and surpluses are eliminated Signup and view all the answers