Market Equilibrium and Price Changes Quiz

What is the equilibrium price in the chocolate market?

• 50 cents

• 40 cents

• 30 cents

• 20 cents

What happens when the price is set higher than the market price?

• Excess demand occurs

• Excess supply occurs

• Price remains constant

• Equilibrium is achieved

What is the equilibrium quantity of chocolate bars traded each week?

• 10,000

• 15,000

• 20,000

• 25,000

What causes a price increase when demand falls?

• Increased production

• Stable supply

• Excess demand

• Excess supply

What is the consequence of an increase in demand for petrol?

• Quantity decreases

• Price increases

• Price remains the same

• Price decreases

What happens to the price when there is a fall in supply?

• Quantity increases

• Price increases

• Price remains constant

• Price decreases

What is the effect of an increase in supply for cocoa?

• Price decreases

• Price increases

• Quantity remains the same

• Demand decreases

At what price does excess demand occur in the chocolate market?

• 50 cents

• 20 cents

• 30 cents

• 40 cents

What is the market price when the quantity demanded equals the quantity supplied?

• 20 cents

• 50 cents

• 40 cents

• 30 cents

What happens to the quantity of petrol traded when demand decreases?

• Remains the same

• Decreases

• Doubles

• Increases