CHAPTER 3 - MARKET EQUILIBRIUM
Assessment
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MASLIZA MAZLAN
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Business
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1st Grade
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9 plays
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Hard
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10 questions
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1.
Multiple Choice
New technology makes it possible for producers to produce more products at every given price level. What effect will this have on the equilibrium price and quantity in the industry
Price decrease; Quantity decrease
Price decrease; Quantity increase
Price no change; Quantity no change
Price increase; Quantity increase
2.
Multiple Choice
When the market for a good is in equilibrium
there will be a shortage of goods in the economy.
quantity supplied equals quantity demanded.
quantity supplied exceeds quantity demanded.
quantity demanded exceeds quantity supplied.
3.
Fill in the Blank
The demand function for goods X is given as Qd = 750 - 2P and the supply function is Qs = 500 + 3P. Calculate the price of equilibrium for goods X.
4.
Multiple Choice
When the price reduces to the equilibrium price, the problem of _____________ will be resolved
surplus
shortage
excess demand
unstable price
5.
Multiple Choice
What is the meaning of 'Ceiling Price'?
The government imposes a maximum price that prevents certain prices from rising above that price.
The government sets a minimum price that prevents certain prices from falling below that price.
The government provides incentives to the seller or producer to produce more goods
The government imposes a certain amount to be produced by the seller or producer.
6.
Multiple Choice
What is the effect on the equilibrium price and the quantity of chicken when there is a technological advancement in the fisheries industry?
The price of chicken will increase and the equilibrium quantity of chicken will increase.
The price of chicken will increase and the equilibrium quantity of chicken will decrease.
The price of chicken will increase and the equilibrium quantity of chicken will not change.
The price of chicken will not change and the equilibrium quantity of chicken will increase.
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