Determining Market Place – Flashcards
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Both excess supply and excess demand are a result of
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disequilibrium.
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On a graph, a(n) shows the demand portion of equilibrium.
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demand curve
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How many goods must be supplied to achieve equilibrium?
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15
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Disequilibrium occurs when
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supply and demand are out of balance.
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Which occurs during market equilibrium? Check all that apply.
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Supply and demand meet at a specific quantity.
Supply and demand meet at a specific price.
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Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium?
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It needs to be decreased.
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Supply and demand coordinate to determine prices by working
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together
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A limited amount of goods available means that excess is occurring.
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demand
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What happens when the quantity of goods is higher than demand?
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excess supply
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On a graph, an equilibrium point is where
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a supply curve and a demand curve meet.
