
Market Equilibrium
Quiz
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Other
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University
•
Practice Problem
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Hard
Ahmad Rosli
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Suppose that the market for Coca-Cola is originally at point D. The movement from point D to B is a combination of a(n) ………….. and a(n) ………………. .
decrease in supply; decrease in quantity demanded
decrease in supply; increase in quantity demanded
increase in supply; increase in quantity demanded
decrease in supply; increase in demand
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
If the price is fixed at RM20 in this market, there would be ……………………..
an excess supply of 40 units
an equilibrium in the market
an excess demand of 40 units
an excess demand in the market, but the quantity is difficult to determine
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Suppose the sellers in this market increased the price of their product to RM35 per unit. What will most likely happen?
The sellers will be forced to reduce their price (excess supply is created at RM35).
The sellers will be forced to reduce their price (excess demand is created at RM35).
The sellers will be forced to increase their price (excess demand is created at RM35).
The sellers will not change their price (more profits are gained at RM35).
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Let us assume that the government imposed a price ceiling of RM30 in this market. What will most likely happen?
Black markets will exist.
Excess demand will exist.
The price will not change.
A new equilibrium will be reached at the price of RM30.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The market will be in equilibrium when the price is at ………….. and the quantity demanded is ……………
RM15; 100 units
RM20; 80 units
RM25; 60 units
RM35; 20 units
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The entrance tickets to Legoland Malaysia are very expensive. However, there is a daily queue to buy the tickets. Some visitors are not even able to get tickets on the same day. From this, we know that the prices of Legoland Malaysia’s tickets ……………
are in equilibrium
are above equilibrium
are below equilibrium
cannot be categorized due to limited information
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The initial market price and quantity for Good A are RM5 and 2,000 units, respectively. A subsidy of RM2 per unit given by the government has changed the equilibrium price and quantity to RM4 and 3,500 units, respectively. Which of the following statements is true?
Producers gain more benefits.
Consumers gain more benefits.
The government gains most of the benefits.
Both consumers and producers enjoy equal benefits.
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