Read the two statements and choose the correct option.
I. At equilibrium, the quantity consumers want to buy equals the quantity producers want to sell.
II. A demand curve usually slopes upwards: the higher the price, the more is bought.

Only ICorrect answerYour answerOnly IICorrect answerYour answerBoth I and IICorrect answerYour answerNeither I nor IICorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer A

Correct answer: A

I is the meaning of equilibrium: demand and supply meet. True.
II: demand usually slopes downwards, as people buy less at a higher price; it is supply that slopes upwards. False.

Ten questions from Consumer & Producer Surplus, at your own pace.

Ten questions from Consumer & Producer Surplus, at your own pace.

Read the two statements and choose the correct option.I. At equilibrium, the quantity consumers want to buy equals the quantity producers want to sell.II. A demand curve usually slopes upwards: the higher the price, the more is bought.