Determining Market Price| Question and Answers (A+ guide solution)

hat happens when the quantity of goods is higher than demand? - excess supply On a graph, a(n) _____ shows the demand portion of equilibrium. - demand curve The graph shows demand. In order to achieve equilibrium, what else must be included on the graph? - supply curve The graph shows a point of equilibrium. How many goods must be supplied to achieve equilibrium? - 15 The graph shows excess supply. Which needs to happen to the price indicated by p2 on the graph in order to achieve equilibrium? - It needs to be decreased On a graph, an equilibrium point is where - a supply curve and a demand curve meet. Disequilibrium occurs when - supply and demand are out of balance The graph shows a point of equilibrium. What does "Q" represent on the graph? - the quantity at the equilibrium point The graph shows excess demand