What does market equilibrium signify?

Market balance where sellers sell more than buyers demand.

Situation where sellers set prices lower than buyers are willing to pay.

Balance where the quantity demanded equals the quantity supplied.

State where sellers refuse to adjust prices according to market trends.

In a market, what happens when there is excess demand?

Prices decrease to meet consumer demand.

Producers reduce supply to maintain profitability.

Quantity demanded exceeds quantity supplied.

Quantity supplied exceeds quantity demanded.

How do sellers typically respond to excess supply in the market?

By reducing prices to increase sales.

By limiting production to match demand.

By maintaining high prices to maximize profits.

By withdrawing from the market temporarily.

When does market disequilibrium occur?

When quantity demanded equals quantity supplied.

When buyers refuse to purchase goods.

How do buyers influence market equilibrium?

By demanding more products at lower prices.

By reducing their purchasing power.

By increasing the cost of goods.

By limiting supply availability.

What adjustments do sellers make to achieve market equilibrium?

Increase prices until demand meets supply.

Decrease prices until supply exceeds demand.

Maintain high prices regardless of demand.

Limit product availability to increase demand.

Why is market equilibrium considered desirable?

It ensures fair prices for consumers.

It stabilizes supply and demand.

It guarantees government intervention.

What causes excess supply in the market?

Insufficient production capacity.

Producers’ unwillingness to sell.

How do markets typically resolve excess demand?

By increasing prices to reduce demand.

By decreasing prices to stimulate supply.

By limiting consumer access to goods.

By maintaining stable prices regardless of demand.

Price Determination Free MCQ Practice Test with Solutions

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

	Economics for GCSE/IGCSE 71 videos\|82 docs\|39 tests

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