When supply and demand meet at the equilibrium point, prices in the market willMultiple Choicetrend toward that price.change demand.change supply.stay put.trend away from that price.

In a competitive market, if the existing price is below the equilibrium price, market forces will drive the price:Multiple Choiceup and quantity supplied up.down and demand down.up and supply up.up and quantity supplied down.

A market experiencing a supply shift will see its equilibriumMultiple choice question.price change, but its quantity be unchanged.price and quantity both change.quantity change, but its price be unchanged.

When a demand curve shifts to the rightMultiple Choicedemand has increased, so equilibrium price increases, and equilibrium quantity increases.demand has decreased, so equilibrium price decreases, and equilibrium quantity decreases.demand has increased, so supply also shifts to the right, and the equilibrium price increases.demand has decreased, so supply also shifts to the right, and the equilibrium price decreases.

What occurs when the market price is above the equilibrium price?ShortageSurplusNo changeDemand shifts to the left

In a competitive market, when price is below the equilibrium price, there will be pressure for the price to:Question 16Select one:a.fall.b.stay the same.c.rise.d.change only if demand and/or supply change.