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WorksheetsPrice Determination Quiz
Total questions: 15
Worksheet time: 8mins
What is the Equilibrium Price also known as?
Surplus Price
Market Clearing Price
Demand Price
Shortage Price
What is the situation called when the quantity demanded is greater than the quantity supplied?
Excess Supply
Market Clearing
Surplus
Shortage
Where is the Equilibrium Price determined?
At the highest price point
At the point where market demand and market supply are equal
At the lowest price point
At random points
What happens if the price is set above the Equilibrium Price?
Market Clearing occurs
Shortage occurs
Demand increases
Surplus occurs
In the real-world application of Equilibrium Price Determination for movie tickets, what may theaters do to reach equilibrium during the release of highly anticipated films?
Increase ticket prices
Stop selling tickets
Keep ticket prices the same
Decrease ticket prices
In a market there is a surplus of a good. Which change would cause the market to come to an equilibrium?
A decrease in demand
A fall in price
A rise in price
An increase in supply
How is the Equilibrium Price determined using Demand and Supply curves?
By setting the price randomly
By only looking at the supply curve
By finding the point where demand and supply curves intersect
By only looking at the demand curve
What is a feature of a market in equilibrium?
Demand exceeds supply.
No profits are earned.
The market will clear.
There will be a surplus of products.
What may transit authorities do during peak travel times to reach equilibrium for bus fares?
Decrease bus fares
Increase bus fares
Keep bus fares the same
Stop bus services
What is the Equilibrium Quantity?
The lowest quantity supplied
The highest quantity demanded
The quantity demanded only
The quantity demanded and supplied at the equilibrium price
Which statement must be correct if a market is in disequilibrium?
Quantity demanded and quantity supplied are equal.
The government must intervene if anything is to be sold.
There can be no changes to demand or supply.
There is excess supply or excess demand.
The market for apples is represented by the following demand and supply functions: Qd = 30 – P; Qs = 15 + 2P. What is the equilibrium quantity?
$10
$5
$15
$20
The market for apples is represented by the following demand and supply functions: Qd = 30 – P; Qs = 15 + 2P. What is the equilibrium quantity?
10 units
15 units
20 units
25 units
The diagram shows the demand and supply for apples. To what extent is the market for apples in disequilibrium at a price of $2.50 per kilo?
Demand exceeds supply by 200 000 tonnes.
Demand exceeds supply by 400 000 tonnes.
Supply exceeds demand by 200 000 tonnes.
Supply exceeds demand by 400 000 tonnes.
The table shows the demand and supply schedules for rice. The current price is $2.00 per kilo. What will happen if the price is reduced to $1.00 per kilo?
The market will move from surplus to shortage.
The demand schedule will shift to the left.
The market will move from shortage to surplus.
The supply schedule will shift to the right.
