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
Market equilibrium
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Market equilibrium
Quiz
•
Sahar Adnan
•
Other
•
9th - 10th Grade
•
127 plays
•
Medium
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
Price decrease; Quantity decrease
Price decrease; Quantity increase
Price no change; Quantity no change
Price increase; Quantity increase
2.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
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.
MULTIPLE CHOICE QUESTION
10 sec • 4 pts
When the price reduces to the equilibrium price, the problem of _____________ will be resolved
surplus
shortage
excess demand
unstable price
4.
MULTIPLE CHOICE QUESTION
10 sec • 4 pts
If a product is in shortage, we can conclude that its price
is in the equilibrium price level.
will fall in the near future.
is below the equilibrium price level.
is above the equilibrium price level.
5.
MULTIPLE CHOICE QUESTION
5 sec • 2 pts
When quantity supplied is smaller than quantity demand, you have a _?
Surplus
Equilibrium
Deficit
Shortage
6.
MULTIPLE CHOICE QUESTION
5 sec • 1 pt
An under supply or shortage causes prices to go up resulting in less demand.
True
False
7.
MULTIPLE CHOICE QUESTION
10 sec • 2 pts
What is the Equilibrium Price?
1
2
3
4
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