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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does equilibrium price signify?
💡 Hint: Think of it as a point of balance.
Question 2
Easy
What happens when the price is below equilibrium?
💡 Hint: Recall the definitions of surplus and shortage.
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 demand exceeds supply
- The price at which supply equals demand
- A price set by the government
💡 Hint: Remember, it's about the balance between supply and demand.
Question 2
True or False: A surplus occurs when demand exceeds supply.
- True
- False
💡 Hint: Think about which side is larger.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Suppose the demand for electric cars increases due to government incentives. Analyze how this shift impacts the equilibrium price of electric cars.
💡 Hint: Consider consumer behavior and supplier reactions.
Question 2
Discuss the implications of a price ceiling set below the equilibrium price in a rental housing market.
💡 Hint: What happens to quantity supplied when it’s less profitable?
Challenge and get performance evaluation