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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define surplus.
💡 Hint: Think about the balance between supply and demand.
Question 2
Easy
What causes a shortage?
💡 Hint: Recall what happens when too many people want an item.
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 disequilibrium?
- When supply equals demand
- When quantity supplied exceeds quantity demanded
- When quantity demanded exceeds quantity supplied
💡 Hint: Think about what happens when products are left unsold.
Question 2
True or False: A surplus occurs when demand exceeds supply.
- True
- False
💡 Hint: Recall the definitions of surplus and shortage.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Evaluate how a sudden increase in demand affects market equilibrium in the short term and long term. What adjustments do sellers and buyers make?
💡 Hint: Consider what sellers might do to meet growing demand and balance the market.
Question 2
Analyze the impact of government interventions, like price controls, on a market experiencing severe shortage.
💡 Hint: Think about how suppliers react to capped pricing.
Challenge and get performance evaluation