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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define market equilibrium.
💡 Hint: Consider what happens when demand and supply curves match.
Question 2
Easy
What happens to equilibrium price when demand increases?
💡 Hint: Think about the demand curve shifting.
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 market equilibrium?
- Where price exceeds demand
- Where quantity demanded equals quantity supplied
- Where suppliers control the price
💡 Hint: Recall the definition of market equilibrium.
Question 2
True or False: The equilibrium price increases when demand decreases.
- True
- False
💡 Hint: Consider the relationship between demand and price dynamics.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Given a scenario where consumer income increases, leading to increased demand for luxury cars. Analyze how this affects the market equilibrium for luxury cars.
💡 Hint: Consider how demand changes with consumer income.
Question 2
A severe drought reduces the quantity supplied of wheat. Predict the changes in equilibrium price and quantity in the wheat market.
💡 Hint: Think about the graph for supply shifts.
Challenge and get performance evaluation