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WorksheetsUnit 4 Learning Target 3 Practice Quiz
Total questions: 7
Worksheet time: 4mins
"A visual representation of supply and demand and any changes in demand, quantity demanded, supply and quantity supplied." best defines which of the following?
Equilibrium Price
Equilibrium Point
Supply & Demand Graph
Disequilibrium
Refer to Graph 4-5. According to the graph, what are the equilibrium price and quantity?
$7, 20.
$7, 60.
$5, 40.
$3, 60.
Refer to Graph 4-5. According to the graph, What occurs at a price of $7?
there would be a shortage of 40 units.
there would be a surplus of 40 units.
there would be a surplus of 20 units.
the market would be in equilibrium.
Based on the movement of the supply curve, did the equilibrium price increase or decrease?
Increase
Decrease
If there is an improvement in the technology to make hamburgers what will happen to the equilibrium price (ep) & equilibrium quantity (eq) of hamburgers supplied?
ep increases; eq decreases
ep increased; eq increases
ep decreases; eq increases
ep decreases; eq decreases
