Podcast
Questions and Answers
Match the following actions with the corresponding price signals:
Match the following actions with the corresponding price signals:
Shop at a different location = Price of something goes up Find a suitable substitute = Price of something goes up Stop producing other items = Product with a higher price Increase production of a product = Product with a higher price
Match the following resources with the ones that may be freed up by a firm:
Match the following resources with the ones that may be freed up by a firm:
Labor = Increase production of a product Capital = Stop producing other items Machinery = Stop producing other items
Match the following terms with their meanings:
Match the following terms with their meanings:
Incentives = Encouragements Price signals = Signals we get from prices Substitute = Suitable alternative Production = Manufacturing or creation
What is market equilibrium?
What is market equilibrium?
Define equilibrium price.
Define equilibrium price.
What is a shortage and a surplus in the context of market equilibrium?
What is a shortage and a surplus in the context of market equilibrium?
