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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is market equilibrium?
💡 Hint: Think about the balance of supply and demand.
Question 2
Easy
Define excess supply.
💡 Hint: Consider what happens when there are too many goods but not enough buyers.
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 defines market equilibrium?
- A situation where supply exceeds demand
- A situation where quantity demanded equals quantity supplied
- When prices are fixed
💡 Hint: Think about balance in the market.
Question 2
True or False: Excess supply puts upward pressure on prices.
- True
- False
💡 Hint: Recall the relationship between supply and demand.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given a demand curve qD = 500 - 3p and a supply curve qS = 100 + 2p, derive the equilibrium price and quantity.
💡 Hint: Use algebra to isolate p, and then substitute back for quantity.
Question 2
If the government imposes a price floor above equilibrium, explain the resulting market conditions.
💡 Hint: Think about how price controls impact market balance.
Challenge and get performance evaluation