Login
Sign up for FREE
arrow_back
Library
Mic7: Market equilibirum, Surplus, Shortage
By Jeffrey See
star
star
star
star
star
star
star
star
star
star
share
Share
Last updated over 5 years ago
5 Questions
Add This Formative
1 point
1
Question 1
1.
Where is the
market equilibrium
price and quantity in the graph above?
$.80 and 200 units
$2 and 500 units
$1.60 and 400 units
$1.20 and 300 units
1 point
1
Question 2
2.
when price is $1.60 does it create a
surplus
or
shortage
in the graph above, and how big is it?
Shortage of 200 units
Shortage of 100 units
Surplus of 400 units
Surplus of 200 units
1 point
1
Question 3
3.
when price is $.40 does it create a
surplus
or
shortage
in the graph above, and how big is it?
Surplus of 100 units
Shortage of 300 units
Surplus of 400 units
Shortage of minus 400 units
1 point
1
Question 4
4.
If the price of chocolate bars is initially $1.60, what will have to happen to bring the market to equilibrium?
Price will decrease and the surplus will disappear
Price will decrease and the shortage will disappear
Price will increase and the shortage will disappear
Price will increase and the surplus will disappear
1 point
1
Question 5
5.
If the price of chocolate bars is initially $.80, what will have to happen to bring the market to equilibirum?
Price will decrease and the surplus will disappear
Price will decrease and the shortage will disappear
Price will increase and the shortage will disappear
Price will increase and the surplus will disappear
