Question

The equilibrium price is the price

Group of answer choices

from which there is always a tendency to move away.

at which quantity supplied equals quantity demanded.

suppliers agree to charge.

where there are surpluses and shortages.

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Question 8 3 pts

Suppose the football team at your university wins 10 games in a row. The following will be a possible outcome of this event in the market for football tickets:

Group of answer choices

The equilibrium price will increase and the equilibrium quantity will decrease

The equilibrium price and the equilibrium quantity will decrease

The equilibrium price and the equilibrium quantity will increase

The equilibrium price will decrease and the equilibrium quantity will increase

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Question 9

Answer 1

Question 8. Ans. b) at which quantity supplied equals quantity demanded.

Equillibrium point is a point of intersection where the quantity supplied equals quantity demanded.

Question 9 Ans. c) The equillibrium price and the equillibrium quantity will increase.

As a result of the football team winning 10 games in a row, the demand of football tickets would increase. This would result in a new equillibrium point where there is an increase of quantity demanded and increase of price.