Practice - Market Equilibrium: Fixed Number of Firms
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Practice Questions
Test your understanding with targeted questions
What is market equilibrium?
💡 Hint: Think about the balance of supply and demand.
Define excess supply.
💡 Hint: Consider what happens when there are too many goods but not enough buyers.
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Interactive Quizzes
Quick quizzes to reinforce your learning
What defines market equilibrium?
💡 Hint: Think about balance in the market.
True or False: Excess supply puts upward pressure on prices.
💡 Hint: Recall the relationship between supply and demand.
1 more question available
Challenge Problems
Push your limits with advanced challenges
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.
If the government imposes a price floor above equilibrium, explain the resulting market conditions.
💡 Hint: Think about how price controls impact market balance.
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