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Market Equilibrium, Supply, Demand
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T/F: According to the law of supply and demand; the price of any good or service adjusts the quantity supplied and the quantity demanded to meet that price.
True.The law of supply and demand is an unwritten law that claims that the price of any good or service adjusts the QS, QD to meet that price.
T/F: At the market equilibrium price, both quantity supplied is equal to quantity demanded.
True.
The market for blankets is shown below. Which of the following explains why $7 does not represent an equilibrium price in this market? a)QD is greater than QS b)QD is equal to QS c)Quantity demanded is less than QS
QD is greater than QS.
The market for oranges is shown below. What is the equilibrium quantity?
4 because at this point, both supply and demand curves intersect.
The graph for lipsticks is shown below. Which point represents equilibrium price and quantity?
P4QB: Equilibrium is the intersection between supply & demand curves. Point P4 QB represents the equilibrium point on this graph.
What happens to equilibrium price if supply decreases? a0No change b)Shortage c)Surplus
Shortage; a decrease in supply creates excess demand at the original equilibrium price.
T/F: Equilibrium is affected by shifts in both quantity demanded and quantity supplied.
True
T/F: A coffee shop would experience a shortage if it supplied 30 muffins, but consumers demanded 35.
True; a shortage os when quantity supplied is less than quantity demanded.
The intersection between supply & demand curves is known as: a)Scarcity b)Shortage c)Equilibrium d)Surplus
Equilibrium; the point where the market supply meets the market demand.
T/F: The supply and demand tables for apples are below. If apples are selling at 8$, this means that there is an equilibrium.
False: Shortrage; QS is lower than QD at this price.
The graph for light bulbs is shown below. What is the equilibrium price?
6
Based on the table below, which of the following would cause a surplus?
Any price above 3.
Based on the table below, which of the following would cause a shortage?
Any price below 3
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