PRICING THEORIES
1. A market is in equilibrium
1. A market is in equilibrium
A) Provide there is a surplus of the product
B) At all process about the intersection point of the supply and demand curve
C) When the amount the producers want to sell is equal to the amount the consumers want to buy
D) Whenever the demand curve is downward sloping and the supply curve is upward sloping.
2. Use the following table to answer question 2 and 3
2. Use the following table to answer question 2 and 3
Quantity demanded (units)
|
Price (RM)
|
Quantity supplied (units)
|
1000
|
3
|
700
|
900
|
6
|
750
|
800
|
9
|
800
|
700
|
12
|
850
|
600
|
15
|
900
|
Based on the data, the market will be in equilibrium if the price is
A) RM 6.00
B) RM 12.00
C) RM 9.00
D) RM 3.00
3. If the price RM12.00, there will be
A) An excess supply by 150 units
B) A shortage of supply by 150 units
C) An excess of demand by 850 units
D) A shortage of demand by 700 units
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