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Quiz 8-Eco g10

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Quiz 8-Eco g10

sumayyah June 18, 2024

Price determination

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Question 1 of 4
1. Question
Equilibrium price is a price at which
- A. The consumers cannot find what they ask for in shops
- B. The amount consumers demand is equal to the amount the sellers supply
- C. The number of buyers equals the number of sellers
- D. Supply exceeds demand
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Question 2 of 4
2. Question
A market is experiencing a shortage. What will happen to price and sales as the market moves back to equilibrium?
- A
- B
- C
- D
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Question 3 of 4
3. Question
A market is operating with a disequilibrium price. What must this mean?
- A. Demand and supply are not equal
- B. Shortages do not exist
- C. The price mechanism is not working
- D. There is no opportunity cost involved
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Question 4 of 4
4. Question
A market is experiencing excess supply. What will happen to price and supply as the market returns to equilibrium?
- A
- B
- C
- D
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Quiz 8-Eco g10

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