Question 1

A decrease in the equilibrium price for a product will result

Accepted Answer

A)  when the quantity demanded for the product exceeds the quantity supplied.
B)  when there is a decrease in supply and a decrease in demand for the product.
C)  when there is an increase in supply and a decrease in demand for the product.
D)  when there is a decrease in demand and a decrease in the number of firms producing the product.E) C) and D)
F) A) and C)

Question 2

In response to a surplus,the market price of a good will fall;as the price falls,the quantity demanded will increase and quantity supplied will decrease until equilibrium is reached.

Accepted Answer

A) True 
 B)False

Exam 3: Where Prices Come From: the Interaction of Demand and Supply

In response to a surplus,the market price of a good will fall;as the price falls,the quantity demanded will increase and quantity supplied will decrease until equilibrium is reached.

Correct Answer
verified

A decrease in the equilibrium price for a product will result

Correct Answer
verified

Exam 3: Where Prices Come From: the Interaction of Demand and Supply

In response to a surplus,the market price of a good will fall;as the price falls,the quantity demanded will increase and quantity supplied will decrease until equilibrium is reached.

Correct AnswerverifiedShow Answer

A decrease in the equilibrium price for a product will result

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified