2025 – ECS1501 – ASSESSMENT 4 – Q&A
QUIZ
Assessment 4
Started on Monday, 11 August 2025,
State Finished
Completed Monday, 11 August 2025,
on
Time taken
Marks 44.00/45.00
Grade 97.78 out of 100.00
Feedback Excellent work! You seem to understand the content of Topics
9 to 11. Please read the feedback for each question carefully
and ensure you agree with the explanations provided.
Note that
• you are allowed to submit two attempts for this
assessment. If you take two attempts, the average
mark of the two will contribute towards your final
credits.
• you must wait 24 hours before you can attempt the
assessment again.
Question 1
I confirm
that this assessment will be my own individual work;
that I will not cheat in any way in completing and submitting this assessment.
- I confirm.
- I do not confirm.
1
,2025 – ECS1501 – ASSESSMENT 4 – Q&A
Question 2
Question text
Fixing a maximum price at the level of the equilibrium price will give rise to an excess
demand for the product concerned.
- True
- False
Feedback
Note, that the statement refers to fixing the maximum price at the equilibrium price
level and we know that at equilibrium quantity demanded is equal to the quantity
supplied.
Question 3
Question text
Governments set maximum prices to protect consumers from the exploitation of
producers.
- True
- False
Feedback
The protection of consumers is often used as a reason for the government to set
maximum prices.
Question 4
Question text
Fixing a minimum price for oranges below the equilibrium price will lead to an excess
demand for oranges.
- True
- False
Feedback
A minimum price or a price floor means that one cannot ask a price below the
minimum price. However, any price above the minimum price is legal. In this case,
2
, 2025 – ECS1501 – ASSESSMENT 4 – Q&A
the equilibrium price is above the minimum price and at equilibrium there is no
excess demand.
Question 5
Question text
Fixing a maximum price for meat above the equilibrium price will result in an excess
supply of meat.
- True
- False
Feedback
A maximum or price ceiling means that one cannot ask a price above the maximum
price (P3). However, any price below the maximum price is legal. In this case, the
equilibrium price is below the maximum price and at equilibrium there is no excess
supply.
Question 6
A minimum price is only effective when it is set
- Below the equilibrium price
3
QUIZ
Assessment 4
Started on Monday, 11 August 2025,
State Finished
Completed Monday, 11 August 2025,
on
Time taken
Marks 44.00/45.00
Grade 97.78 out of 100.00
Feedback Excellent work! You seem to understand the content of Topics
9 to 11. Please read the feedback for each question carefully
and ensure you agree with the explanations provided.
Note that
• you are allowed to submit two attempts for this
assessment. If you take two attempts, the average
mark of the two will contribute towards your final
credits.
• you must wait 24 hours before you can attempt the
assessment again.
Question 1
I confirm
that this assessment will be my own individual work;
that I will not cheat in any way in completing and submitting this assessment.
- I confirm.
- I do not confirm.
1
,2025 – ECS1501 – ASSESSMENT 4 – Q&A
Question 2
Question text
Fixing a maximum price at the level of the equilibrium price will give rise to an excess
demand for the product concerned.
- True
- False
Feedback
Note, that the statement refers to fixing the maximum price at the equilibrium price
level and we know that at equilibrium quantity demanded is equal to the quantity
supplied.
Question 3
Question text
Governments set maximum prices to protect consumers from the exploitation of
producers.
- True
- False
Feedback
The protection of consumers is often used as a reason for the government to set
maximum prices.
Question 4
Question text
Fixing a minimum price for oranges below the equilibrium price will lead to an excess
demand for oranges.
- True
- False
Feedback
A minimum price or a price floor means that one cannot ask a price below the
minimum price. However, any price above the minimum price is legal. In this case,
2
, 2025 – ECS1501 – ASSESSMENT 4 – Q&A
the equilibrium price is above the minimum price and at equilibrium there is no
excess demand.
Question 5
Question text
Fixing a maximum price for meat above the equilibrium price will result in an excess
supply of meat.
- True
- False
Feedback
A maximum or price ceiling means that one cannot ask a price above the maximum
price (P3). However, any price below the maximum price is legal. In this case, the
equilibrium price is below the maximum price and at equilibrium there is no excess
supply.
Question 6
A minimum price is only effective when it is set
- Below the equilibrium price
3
