ATI PN HESI TESTBANK LATEST UPDATED 2023
Page Ref: 10
Difficulty: Easy
Objective: 1.3
Learning Outcome: Compare and contrast different economic
... [Show More] systems
Skill: Concept
28) What is the point at which the supply curve and the demand curve intersect on a graph?
A) equilibrium price
B) decision point
C) surplus price
D) perfect price
E) parity point
Answer: A
Explanation: A) The equilibrium price is determined by the shape of the supply curve and the
demand curve when plotted by amount available and price. The equilibrium price is set at the
point at which the supply curve and the demand curve intersect.
Page Ref: 12
Difficulty: Easy
Objective: 1.4
Learning Outcome: Discuss strategies for setting and adjusting prices
Skill: Concept
29) What is the price at which the quantity of goods demanded and the quantity of goods
supplied are equal?
A) the going rate
B) the margin rate
C) the market price
D) the optimum price
E) the cost price
Answer: C
Explanation: C) The market price is set by the demand and supply for a given good. It is defined
as the price at which the quantity of goods demanded and the quantity of goods supplied are
equal.
Page Ref: 12
Difficulty: Easy
Objective: 1.4
Learning Outcome: Discuss strategies for setting and adjusting prices
Skill: Concept
30) What occurs when the quantity demanded exceeds the quantity supplied?
A) demand deficit
B) surplus
C) equilibrium point
D) shortage
E) supply schedule
ATI PN HESI TATI PN HESI TESTBANK LATEST UPDATED 2023
Page Ref: 10
Difficulty: Easy
Objective: 1.3
Learning Outcome: Compare and contrast different economic systems
Skill: Concept
28) What is the point at which the supply curve and the demand curve intersect on a graph?
A) equilibrium price
B) decision point
C) surplus price
D) perfect price
E) parity point
Answer: A
Explanation: A) The equilibrium price is determined by the shape of the supply curve and the
demand curve when plotted by amount available and price. The equilibrium price is set at the
point at which the supply curve and the demand curve intersect.
Page Ref: 12
Difficulty: Easy
Objective: 1.4
Learning Outcome: Discuss strategies for setting and adjusting prices
Skill: Concept
29) What is the price at which the quantity of goods demanded and the quantity of goods
supplied are equal?
A) the going rate
B) the margin rate
C) the market price
D) the optimum price
E) the cost price
Answer: C
Explanation: C) The market price is set by the demand and supply for a given good. It is defined
as the price at which the quantity of goods demanded and the quantity of goods supplied are
equal.
Page Ref: 12
Difficulty: Easy
Objective: 1.4
Learning Outcome: Discuss strategies for setting and adjusting prices
Skill: Concept
30) What occurs when the quantity demanded exceeds the quantity supplied?
A) demand deficit
B) surplus
C) equilibrium point
D) shortage
E) supply schedule
ATI PN HESI T [Show Less]