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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define equilibrium in a market.
💡 Hint: Think about the balance point where buyers and sellers are satisfied.
Question 2
Easy
What is excess demand?
💡 Hint: Consider a scenario where many people want to buy a limited product.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is equilibrium in a market?
- When demand exceeds supply
- When supply exceeds demand
- When supply equals demand
💡 Hint: Think about how buyers and sellers interact.
Question 2
True or False: Excess demand leads to an increase in market prices.
- True
- False
💡 Hint: Recall how prices respond when demand is high.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Assume a sudden increase in income for consumers leads to a higher demand for a normal good. How would this affect the equilibrium price and quantity? Include a graph.
💡 Hint: Consider the demand shifts process on your graph.
Question 2
Analyze a scenario where the number of firms in a market increases significantly. Discuss the long-term effects on equilibrium price in a perfectly competitive setting.
💡 Hint: Reflect on how competition amongst firms typically influences pricing.
Challenge and get performance evaluation