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The graph shows a point of equilibrium.

If the quantity supplied is greater than the quantity demanded, what must happen to the price in order to reach equilibrium?

A. The price of the product will increase to meet equilibrium.

B. The price of the product will decrease to meet equilibrium.

C. Supply and demand must be raised.

D. Supply and demand must be lowered.

 

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Divya Singh
Divya SinghLv10
13 Oct 2020
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Related questions

1. Market equilibrium occurs when

a. demand equals supply

b. quantity demanded equals quantity supplied

c. The consumer expectations match the producer's expectations

d. Efficiency and equal distribution are achieved 

 

2. If a surplus exists in a market, then

a. Price is above market equilibrium and quantity demanded is less than quantity supplied

b. Price is below market equilibrium and quantity demanded is less than quantity supplied

c. Price is above market equilibrium and quantity demanded is greater than quantity supplied

d. Price is below market equilibrium and quantity demanded is greater than quantity supplied

 

3. When the price falls below market equilibrium

a. A surplus occurs

b. A shortage occurs

c. There will be an increase in quantity supplied

d. There will be a leftward shift of the supply curve

 

There is a surplus in a market for a product when:

a. quantity demanded is greater than quantity supplied.

b. the current price is lower than the equilibrium price.

c. quantity demanded is less than quantity supplied.

d. supply is less than demand.

At a product's equilibrium price:

a. the quantity of the product demanded is greater than the quantity of the product supplied.

b. the product's demand curve crosses the product's supply curve.

c. the product's demand curve is the same as the product's supply curve.

d. the quantity of the product demanded is less than the quantity of the product supplied.

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