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ECS1501 ASSIGNMEMNT 4 2024 If there is excess supply in the market, then the market cannot be in equilibrium. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not w$2.83
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ECS1501 ASSIGNMEMNT 4 2024 If there is excess supply in the market, then the market cannot be in equilibrium. Note, that you will lose 50% of the mark for this question if you choose the incorrect option. If you are not sure about the answer and do not w
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Course
Economics IA (ECS1501)
Institution
University Of South Africa (Unisa)
ECS1501 ASSIGNMEMNT 4 2024
If there is excess supply in the market, then the market cannot be in equilibrium.
Note, that you will lose 50% of the mark for this question if you choose the incorrect option.
If you are not sure about the answer and do not want to guess, choose the “Unsure” op...
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Education is the most powerful weapon which you can use to change the world
Started on Monday, 24 June 2024, 3:47 PM
State Finished
Completed on Monday, 24 June 2024, 3:58 PM
Time taken 11 mins 39 secs
Marks 16.00/16.00
Grade 100.00 out of 100.00
Question 1
Complete
Not graded
I confirm
that this assessment will be my own individual work;
that I will not communicate with anyone else in any way during the completion of
this assessment;
that I will not cheat in any way in completing and submitting this assessment.
If there is excess supply in the market, then the market cannot be in equilibrium.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
The statement is true. If there is excess supply in the market, it indicates that the
market is not in equilibrium. Market forces will naturally push the price downward to
eliminate the surplus, restoring the balance between supply and demand at the
equilibrium price.
Market equilibrium is achieved when the quantity demanded equals the quantity
supplied at a particular price. When there is excess supply producers have more
goods available for sale than consumers are willing to purchase at the current price.
To clear the surplus, producers will typically lower their prices to make the goods
more attractive to consumers. As prices fall, the quantity demanded by consumers
increases, and the quantity supplied by producers decreases. This process
continues until the market reaches a new equilibrium where supply equals demand.
Question 3
Complete
Mark 1.00 out of 1.00
A market can only be in equilibrium if demand is equal to supply.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
The statement is false. A market is considered to be in equilibrium when the
quantity of goods supplied equals the quantity of goods demanded at a particular
price.
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