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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What defines market equilibrium?
💡 Hint: Think about when the graph of demand and supply intersect.
Question 2
Easy
What happens when demand increases?
💡 Hint: Consider what would happen on the graph.
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 does equilibrium in a market indicate?
- A balance of surplus
- A balance of supply and demand
- Excess demand
💡 Hint: Think about where the supply and demand curves meet.
Question 2
True or False: Excess supply leads to price increases.
- True
- False
💡 Hint: Consider market dynamics.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
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.
Question 2
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.
Challenge and get performance evaluation