Determining Market Price | Question with 100% correct Answer | Verified

upply and demand coordinate to determine prices by working a. together. b. competitively. c. with other factors. d. separately. - a. together. Both excess supply and excess demand are a result of a. equilibrium. b. disequilibrium. c. overproduction. d. elasticity. - b. disequilibrium. The graph shows excess supply. Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium? a. It needs to be increased. b. It needs to be decreased. c. It needs to reach the price ceiling. d. It needs to remain unchanged. - b. It needs to be decreased. On a graph, an equilibrium point is where a. a supply curve and a demand curve meet. b. a supply curve is higher than a demand curve. c. the supply and demand curves head up. d. the supply and demand curves head down. - a. a supply curve and a demand curve meet.