ECON 1001-004 Microeconomics
SPR 2025 with complete verified
solutions
An equilibrium in a market occurs:
A. At the halfway point on a demand curve
B. At the halfway point on the price axis
C. When suppliers have sold all the goods and services that they have
produced
D. When the quantity supplied equals the quantity demanded - answer D.
When the quantity supplied equals the quantity demanded
If you lived in a _____ economy, you would expect prices to move _____,
whereas if you lived in a _____ economy, that is not likely.
A. market ; towards equilibrium ; planned
B. planned ; towards equilibrium ; market
C. planned ; only along the market demand curve; market
D. planned ; only along the market supply curve; barter - answer A. market ;
towards equilibrium ; planned
If the price is below the equilibrium level, then the quantity demanded will
_________ the quantity supplied. This is known as _________.
A. exceed; a price floor
B. exceed; a shortage
C. be less than; shortage
, D. equal; equilibrium - answer B. exceed; a shortage
Whenever there is a surplus at a particular price, the quantity sold at that
price will equal:
A. (quantity demanded plus quantity supplied)/2
B. the quantity supplied at that price
C. the quantity supplied minus the quantity demanded
D. the quantity demanded at that price - answer D. the quantity demanded
at that price
If there is a technological advance in the production of the Amazon Echo
smart speaker, you would expect to see ______ over time.
A. A rise in its equilibrium price
B. A fall in its equilibrium price
C. No change in its equilibrium price
D. A fall in the equilibrium quantity sold - answer B. A fall in its equilibrium
price
In a perfectly competitive market, if the quantity demanded exceeds the
quantity supplied, we expect prices to:
A. stay the same
B. rise
C. fall
D. rise first, then fall when demand decreases - answer B. rise
Are markets always in equilibrium?
SPR 2025 with complete verified
solutions
An equilibrium in a market occurs:
A. At the halfway point on a demand curve
B. At the halfway point on the price axis
C. When suppliers have sold all the goods and services that they have
produced
D. When the quantity supplied equals the quantity demanded - answer D.
When the quantity supplied equals the quantity demanded
If you lived in a _____ economy, you would expect prices to move _____,
whereas if you lived in a _____ economy, that is not likely.
A. market ; towards equilibrium ; planned
B. planned ; towards equilibrium ; market
C. planned ; only along the market demand curve; market
D. planned ; only along the market supply curve; barter - answer A. market ;
towards equilibrium ; planned
If the price is below the equilibrium level, then the quantity demanded will
_________ the quantity supplied. This is known as _________.
A. exceed; a price floor
B. exceed; a shortage
C. be less than; shortage
, D. equal; equilibrium - answer B. exceed; a shortage
Whenever there is a surplus at a particular price, the quantity sold at that
price will equal:
A. (quantity demanded plus quantity supplied)/2
B. the quantity supplied at that price
C. the quantity supplied minus the quantity demanded
D. the quantity demanded at that price - answer D. the quantity demanded
at that price
If there is a technological advance in the production of the Amazon Echo
smart speaker, you would expect to see ______ over time.
A. A rise in its equilibrium price
B. A fall in its equilibrium price
C. No change in its equilibrium price
D. A fall in the equilibrium quantity sold - answer B. A fall in its equilibrium
price
In a perfectly competitive market, if the quantity demanded exceeds the
quantity supplied, we expect prices to:
A. stay the same
B. rise
C. fall
D. rise first, then fall when demand decreases - answer B. rise
Are markets always in equilibrium?
