Practice Equilibrium Price and Quantity - 5.1 | Chapter: Microeconomics | IB MYP Grade 10: Individuals & Societies - Economics
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5.1 - Equilibrium Price and Quantity

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Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is equilibrium price?

💡 Hint: Think about where buyers and sellers agree.

Question 2

Easy

What happens during a surplus?

💡 Hint: What occurs when supply exceeds demand?

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 equilibrium price?

  • The price at which supply is greater than demand
  • The price at which quantity supplied equals quantity demanded
  • The price at which demand is greater than supply

💡 Hint: Think about a balance between buyers and sellers.

Question 2

True or False: A shortage leads to elevated prices.

  • True
  • False

💡 Hint: Consider what happens when people want more than is available.

Solve 1 more question and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A new gaming console is launched at a price of $500. Due to popularity, demand increases, leading to a shortage at that price. Analyze the effects on equilibrium price and quantity over the next month.

💡 Hint: Consider what sellers might do in response to increased demand.

Question 2

A drought affects soybean crops, causing production costs to rise. Predict how this would shift supply and the consequences for equilibrium price and quantity in the soybean market.

💡 Hint: Think about how supply changes when production becomes more expensive.

Challenge and get performance evaluation