Practice Equilibrium State Multiple Choice Questions with Answers Quiz-3

Q.1.

What happens if there is surplus?

Q.2.

What do you call the amount where consumers get what they want and suppliers could sell what they’re offering?

Q.3.

Equilibrium divides the demand curve in to two. What are these parts?

Q.4.

Equilibrium divides the supply curve in to two. What are these parts?

Q.5.

What do you call the difference between the maximum price a consumer is willing to pay and the actual price they do pay?

Q.6.

What is the amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for?

Q.7.

Which is TRUE about shortage?

The quantity demanded is greater than the quantity supplied.
Buyers are easy to find because the quantity demanded is high.
Sellers take the opportunity to increase their price since there is an urgent need.
All of above

Q.8.

What is a waste?

The price set by the supplier is higher than the price that the consumers are willing to pay at a given quantity.
The price set by the supplier is lesser than the price that the consumers are willing to pay at a given quantity.

Q.9.

H2(g)+Cl2(g)⇌2HCl(g)The forward reaction is exothermic. What will happen to the equilibrium if the temperature is increased?

Q.10.

H2(g)+Cl2(g)⇌2HCl(g)Increasing the pressure will