Equilibrium

jackexamtime
Quiz by , created over 5 years ago

Attempt these questions to test your knowledge of the economic concept of equilibrium

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jackexamtime
Created by jackexamtime over 5 years ago
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Question 1

Question
How do you arrive at equilibrium?
Answer
  • It is where supply exceeds demand
  • It is where demand is equal to supply
  • It is where demand exceeds supply

Question 2

Question
Why is equilibrium important to consumers?
Answer
  • Consumers want to know the price level
  • Consumers do not want shortages of goods they demand
  • Consumers do not want excess supply

Question 3

Question
When there is excess supply:
Answer
  • There is downward pressure on prices
  • There is upward pressure on prices
  • There is downward pressure on quantity supplied

Question 4

Question
When demand increases:
Answer
  • The equilibrium price decreases, and the equilibrium quantity decreases
  • The equilibrium price decreases, and the equilibrium quantity increases
  • The equilibrium price increases, and the equilibrium quantity increases

Question 5

Question
When demand decreases:
Answer
  • The equilibrium price increases, and the equilibrium quantity increases
  • The equilibrium price increases, and the equilibrium quantity decreases
  • The equilibrium price decreases, and the equilibrium quantity decreases
  • The equilibrium price decreases, and the equilibrium quantity increases

Question 6

Question
When supply decreases:
Answer
  • The equilibrium price increases, and the equilibrium quantity increases
  • The equilibrium price decreases, and the equilibrium quantity decreases
  • The equilibrium price decreases, and the equilibrium quantity increases
  • The equilibrium price increase, and the equilibrium quantity decreases

Question 7

Question
When supply increases:
Answer
  • The equilibrium price increases, and the equilibrium quantity decreases
  • The equilibrium price decreases, and the equilibrium quantity decreases
  • The equilibrium price increases, and the equilibrium quantity increases
  • The equilibrium price decreases, and the equilibrium quantity increases