3. 2-Graphically
-The equilibrium is determined at the point of
intersection between demand & supply curves
*Equilibrium price = 30
*Equilibrium quantity = 1400
4.
5.
6. Question
Q1:- True or false
1-If the actual price of gasoline equals the
equilibrium price , then the difference
between Q.D & Q.S equals zero
2-If the actual price exceeds equilibrium price ,
there is a tendency for actual price to rise
7.
8. 1) Refer to the Table This market will be in equilibrium if the
price per pizza is
A) $6.
B) $9.
C) $12.
D) $15.
2) Refer to the Table If the price per pizza is $12, the price
will
A) remain constant because the market is in equilibrium.
B) increase because there is an excess demand in the market.
C) decrease because there is an excess demand in the market.
D) decrease because there is an excess supply in the market.
9. 3) Refer to the Table If the price per pizza is $15, there is
a ……..
A) market equilibrium.
B) excess demand of 400 units.
C) excess demand of 900 units.
D) excess supply of 600 units.
4) Refer to the Table If the price per pizza is $6, there is
an excess
A) demand of 300 pizzas.
B) demand of 600 pizzas.
C) supply of 700 pizzas.
D) supply of 1,000 pizzas.
10. 5) Refer to the Table In this market there will be an excess demand
of 300 pizzas at a price of
A) $6.
B) $9.
C) $12.
D) $15.
6) Refer to the Table In this market there will be an excess supply of
300 pizzas at a price of
A) $6.
B) $9.
C) $12.
D) $15.
7) Refer to the Table If the price per pizza is $3, the price will
A) remain constant because the market is in equilibrium.
B) increase because there is an excess demand in the market.
C) increase because there is an excess supply in the market.
D) decrease because there is an excess supply in the market.
11.
12. 1- Refer to the Figure the market for sunglasses is
in equilibrium at a price of ________ and a
quantity of sunglasses.
A) $30; 300
B) $30; 600
C) $60; 450
D) $90; 300
2) Refer to the Figure At a price of $30, there is an
excess
A) demand of 450 sunglasses.
B) demand of 750 sunglasses.
C) demand of 300 sunglasses.
D) supply of 300 sunglasses.
13. 3) Refer to the Figure At a price of $90, there is
an excess
A) demand of 150 sunglasses.
B) supply of 450 sunglasses.
C) demand of 600 sunglasses.
D) supply of 600 sunglasses.
14. 3-Equilibrium mathematically (USING EQUATION):-
-If we have the following demand and supply equation:
Q d = 100- 20P
Q s = 50+5P
Find equilibrium price and quantity?
The answer
Q d =Qs
100-20P = 50+5P
100-50 = 5P + 20P
50 = 25P
P = 50/25 = 2
Q = 100 – 20P = 100 – (20*2) = 60
15. Q:- True or false:-
-If the demand of (x) is Q =24000- 500p & the
supply is Q=6000+1000p then the equilibrium
Q is 18000 & the equilibrium price is 12.
