Quiz
Equilibrium
Questions in this quiz (7)
1How do you arrive at equilibrium?
- AIt is where supply exceeds demand
- BIt is where demand is equal to supply
- CIt is where demand exceeds supply
2Why is equilibrium important to consumers?
- AConsumers want to know the price level
- BConsumers do not want shortages of goods they demand
- CConsumers do not want excess supply
3When there is excess supply:
- AThere is downward pressure on prices
- BThere is upward pressure on prices
- CThere is downward pressure on quantity supplied
4When demand increases:
- AThe equilibrium price decreases, and the equilibrium quantity decreases
- BThe equilibrium price decreases, and the equilibrium quantity increases
- CThe equilibrium price increases, and the equilibrium quantity increases
5When demand decreases:
- AThe equilibrium price increases, and the equilibrium quantity increases
- BThe equilibrium price increases, and the equilibrium quantity decreases
- CThe equilibrium price decreases, and the equilibrium quantity decreases
- DThe equilibrium price decreases, and the equilibrium quantity increases
6When supply decreases:
- AThe equilibrium price increases, and the equilibrium quantity increases
- BThe equilibrium price decreases, and the equilibrium quantity decreases
- CThe equilibrium price decreases, and the equilibrium quantity increases
- DThe equilibrium price increase, and the equilibrium quantity decreases
7When supply increases:
- AThe equilibrium price increases, and the equilibrium quantity decreases
- BThe equilibrium price decreases, and the equilibrium quantity decreases
- CThe equilibrium price increases, and the equilibrium quantity increases
- DThe equilibrium price decreases, and the equilibrium quantity increases
Information
- Description
- Attempt these questions to test your knowledge of the economic concept of equilibrium
- Author
- jackexamtime
- Language
- English
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- 93
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