Question 1

Given the demand schedule $$P = 10 - Q$$ and the supply schedule $$P = Q$$, what is the equilibrium price and quantity in the market?

Accepted Answer

Equilibrium price is $$5$$, equilibrium quantity is $$5.$$

Question 2

What does the 'choke price' refer to in the context of a demand curve?

Accepted Answer

The price at which quantity demanded falls to zero.

Question 3

If the demand equation is $$P = 10 - Q$$, what is the quantity demanded when the price is $$7$$?

Accepted Answer

$$Q = 3$$

Question 4

Suppose the supply equation is $$P = Q. $$What is the price when the quantity supplied is $$8$$?

Accepted Answer

$$P = 8$$

Question 5

How do you calculate the slope of the demand curve given two points $$(Q_1$, P_1$)$$ and $$(Q_0$, P_0$)$$?

Accepted Answer

$$\frac{P_1$ - P_0$}{Q_1$ - Q_0$}$$

Question 6

If the demand curve is $$P = 10 - Q$$ and the supply curve is $$P = Q$$, what happens if the government sets a price ceiling at $$P = 3$$?

Accepted Answer

There will be a shortage of $$4$$ units.

Question 7

Which of the following best describes the market equilibrium?

Accepted Answer

The price at which quantity supplied equals quantity demanded.

Question 8

If the demand schedule is $$P = 10 - Q$$ and the supply schedule is $$P = Q$$, what is the algebraic solution for equilibrium quantity?

Accepted Answer

$$Q = 5$$

Question 9

What is the equation for the supply curve if the slope is $$1$$ and the $$P-$$intercept is $$0$$?

Accepted Answer

$$P = Q$$

Question 10

If the demand curve shifts to the right, what is the most likely effect on equilibrium price and quantity?

Accepted Answer

Equilibrium price increases, equilibrium quantity increases.

Question 11

If the supply curve is $$P = Q$$ and the demand curve is $$P = 10 - Q$$, what is the price when $$Q = 2$$ according to the demand curve?

Accepted Answer

$$P = 8$$

Question 12

Which of the following statements is true about the graphical representation of the demand curve?

Accepted Answer

It is downward sloping from left to right.

Question 13

If the supply schedule is $$P = Q$$ and the demand schedule is $$P = 10 - Q$$, what is the effect of a decrease in the choke price from $$10 to$$ $$8$$?

Accepted Answer

Equilibrium price and quantity both decrease.

Question 14

What is the economic interpretation of the slope of the supply curve in this example?

Accepted Answer

It shows how much quantity supplied changes for a unit change in price.

Question 15

If the demand curve is $$P = 10 - Q$$ and the supply curve is $$P = Q$$, what is the consumer surplus at equilibrium?

Accepted Answer

$$12.5$$

Supply and Demand: Schedules, Curves, and Market Equilibrium

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