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422705
Equilibrium
Description
Attempt these questions to test your knowledge of the economic concept of equilibrium
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higher secondary
Quiz by
jackexamtime
, updated more than 1 year ago
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Created by
jackexamtime
almost 11 years ago
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Resource summary
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
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