Market Equilibrium and Price Changes Quiz

What is the equilibrium price in the chocolate market?

• 50 cents

• 20 cents

• 30 cents

• 40 cents

What happens when the price is higher than the market price?

• Price remains constant

• Excess supply occurs

• Equilibrium is achieved

• Excess demand occurs

What is the equilibrium quantity of chocolate bars traded each week?

• 15,000

• 10,000

• 25,000

• 20,000

What causes a price increase when demand falls?

• Excess supply

• Excess demand

• Stable supply

• Increased production

What is the consequence of an increase in demand for petrol?

• Price decreases

• Price remains the same

• Quantity decreases

• Price increases

What happens to the price when there is a fall in supply?

• Price increases

• Price fluctuates

• Price decreases

• Price remains constant

What is the effect of an increase in supply for cocoa?

• Price decreases

• Demand decreases

• Quantity decreases

• Price increases

At what price does excess demand occur in the market?

• 50 cents

• 30 cents

• 20 cents

• 40 cents

What is the equilibrium quantity of petrol traded when demand increases?

• 2 barrels

• 5 barrels

• 10 barrels

• 15 barrels

What is the term for when demand does not equal supply?

• Market equilibrium

• Market disequilibrium

• Price stability

• Supply equilibrium