1. UNISA
2. 2024
3. ECS1501-24-Y
4. Assessments
5. Assessment 4
QUIZ
Assessment 4
Open course index
Open block drawer
Started on Thursday, 20 June 2024, 9:43 AM
State Finished
Completed on Thursday, 20 June 2024, 10:00 AM
Time taken 16 mins 38 secs
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
Flag question
Question text
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
If the price of running shoes is above the equilibrium price, there will be an excess supply of running shoes.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
,Unsure
Feedback
The statement is true. At any price above the equilibrium price, there is an excess supply of running shoes,
leading to a surplus. Market forces then drive the price downward to eliminate the surplus and restore
equilibrium.
Adjustment process:
To eliminate the surplus, market forces drive the price downward:
Producers lower prices: To sell the excess stock of running shoes, producers
reduce prices.
Quantity demanded increases: As prices fall, more consumers are willing
and able to buy running shoes, increasing the quantity demanded.
Quantity supplied decreases: As prices fall, producers are less willing to
supply as many running shoes, decreasing the quantity supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied equals
the quantity demanded, and the surplus is eliminated.
Question 3
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is false. A market is considered to be in equilibrium when the quantity of goods supplied
equals the quantity of goods demanded at a particular price.
Question 4
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if there is no tendency for things to change.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
, False
Unsure
Feedback
The statement is true. When a market is in equilibrium, there are no shortages (where demand exceeds supply)
or surpluses (where supply exceeds demand). This balance ensures that every consumer who wants to buy a
product at the equilibrium price can do so, and every producer who wants to sell a product at that price can
also do so.
Question 5
Complete
Mark 1.00 out of 1.00
Flag question
Question text
Equilibrium is a balanced situation where all opposite forces are balanced out.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is true. Equilibrium in a market context refers to a state where all opposing economic forces are
balanced, leading to a stable situation where there is no inherent tendency for change. This balance occurs
when the quantity of goods or services demanded by consumers equals the quantity supplied by producers,
resulting in stable prices and quantities.
Question 6
Complete
Mark 2.00 out of 2.00
Flag question
Question text
Use the following functions that show quantity demanded and quantity supplied to answer the question.
Qd = 600 -30P
Qs = -300 + 120P
What is the equilibrium price?
6
Answer:
Feedback
Recall that at equilibrium quantity demanded equals quantity supplied. Thus first equate Qd=Qs
2. 2024
3. ECS1501-24-Y
4. Assessments
5. Assessment 4
QUIZ
Assessment 4
Open course index
Open block drawer
Started on Thursday, 20 June 2024, 9:43 AM
State Finished
Completed on Thursday, 20 June 2024, 10:00 AM
Time taken 16 mins 38 secs
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
Flag question
Question text
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of this assessment;
that I will not cheat in any way in completing and submitting this assessment.
I confirm.
I do not confirm.
Question 2
Complete
Mark 1.00 out of 1.00
Flag question
Question text
If the price of running shoes is above the equilibrium price, there will be an excess supply of running shoes.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
,Unsure
Feedback
The statement is true. At any price above the equilibrium price, there is an excess supply of running shoes,
leading to a surplus. Market forces then drive the price downward to eliminate the surplus and restore
equilibrium.
Adjustment process:
To eliminate the surplus, market forces drive the price downward:
Producers lower prices: To sell the excess stock of running shoes, producers
reduce prices.
Quantity demanded increases: As prices fall, more consumers are willing
and able to buy running shoes, increasing the quantity demanded.
Quantity supplied decreases: As prices fall, producers are less willing to
supply as many running shoes, decreasing the quantity supplied.
These adjustments continue until the price returns to the equilibrium level, where the quantity supplied equals
the quantity demanded, and the surplus is eliminated.
Question 3
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is false. A market is considered to be in equilibrium when the quantity of goods supplied
equals the quantity of goods demanded at a particular price.
Question 4
Complete
Mark 1.00 out of 1.00
Flag question
Question text
A market can only be in equilibrium if there is no tendency for things to change.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
, False
Unsure
Feedback
The statement is true. When a market is in equilibrium, there are no shortages (where demand exceeds supply)
or surpluses (where supply exceeds demand). This balance ensures that every consumer who wants to buy a
product at the equilibrium price can do so, and every producer who wants to sell a product at that price can
also do so.
Question 5
Complete
Mark 1.00 out of 1.00
Flag question
Question text
Equilibrium is a balanced situation where all opposite forces are balanced out.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” option. You will neither
receive marks for the question nor will you lose marks for choosing this option.
True
False
Unsure
Feedback
The statement is true. Equilibrium in a market context refers to a state where all opposing economic forces are
balanced, leading to a stable situation where there is no inherent tendency for change. This balance occurs
when the quantity of goods or services demanded by consumers equals the quantity supplied by producers,
resulting in stable prices and quantities.
Question 6
Complete
Mark 2.00 out of 2.00
Flag question
Question text
Use the following functions that show quantity demanded and quantity supplied to answer the question.
Qd = 600 -30P
Qs = -300 + 120P
What is the equilibrium price?
6
Answer:
Feedback
Recall that at equilibrium quantity demanded equals quantity supplied. Thus first equate Qd=Qs
