Practice - Market Equilibrium
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Practice Questions
Test your understanding with targeted questions
What defines market equilibrium?
💡 Hint: Think about when the graph of demand and supply intersect.
What happens when demand increases?
💡 Hint: Consider what would happen on the graph.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What does equilibrium in a market indicate?
💡 Hint: Think about where the supply and demand curves meet.
True or False: Excess supply leads to price increases.
💡 Hint: Consider market dynamics.
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Challenge Problems
Push your limits with advanced challenges
Given that the demand for used cars is represented by qD = 150 - 2p and supply by qS = 30 + p. Find the equilibrium price and quantity.
💡 Hint: Set the two equations equal to each other and isolate p.
Discuss how a sudden increase in the number of suppliers affects the equilibrium price in a competitive market.
💡 Hint: Consider how more competition affects pricing strategies.
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Reference links
Supplementary resources to enhance your learning experience.