Market Equilibrium

What is represented by the vertical axis in the graph?

• Price per pound

• Quantity of apples

• Price per kilogram

• Number of apple trees

At what price per pound would the quantity demanded be about 4000 pounds of apples?

• $1

• $2

• $3

• $4

What is the term for the entire relationship between price and quantity demanded?

• Supply curve

• Equilibrium price

• Demand curve

• Quantity demanded

At what price per pound would the quantity supplied be 3000 pounds of apples?

• $1

• $2

• $3

• $4

What term is used when the quantity supplied is much bigger than the quantity demanded?

• Demand curve

• Shortage

• Surplus

• Equilibrium

What happens to the price and quantity when there is a shortage in the market?

• Price goes up, quantity goes down

• Price goes down, quantity goes up

• Price and quantity both go up

• Price and quantity both go down

What is the price at which the quantity supplied is equal to the quantity demanded?

• $3.00

• $2.15

• $2.00

• $1.50

What is the equilibrium quantity in the given scenario?

• 1800 pounds

• 2200 pounds

• 2500 pounds

• 2000 pounds

What is the term for the price at which the quantity supplied is equal to the quantity demanded?

• Equilibrium price

• Market price

• Supply price

• Demand price

What happens to the demand when the price of apples is too high?

• Demand increases

• Demand remains constant

• Demand becomes elastic

• Demand decreases