Refer to graph 4-5. according to the graph, equilibrium price and quantity are

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TUTORIAL 3

CHAPTER 4 (Market Equilibrium)

CHAPTER 5 (Elasticity)

Ch 4 – Market Equilibrium

True/False and Multiple choice questions

Graph 4-5

1.Refer to Graph 4-5. According to the graph, equilibrium price and quantity are:

A.$7, 20

B.$7, 60

C. $5, 40

D.$3, 60

2.Refer to Graph 4-5. According to the graph, at a price of $7:

A.a surplus would exist and the price would tend to fall

B.a surplus would exist and the price would tend to rise

C.a shortage would exist and the price would tend to fall

D.the market would be in equilibrium

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How is equilibrium price and quantity represented on a graph?

What is the equilibrium price on a graph?

What is the formula for equilibrium price and quantity?

Which of the following best refers to the market equilibrium price?