10 Questions
What is the point at which demand equals supply?
Equilibrium
What happens to price when there is a shortage in the market?
It increases
What effect does a surplus have on the market price?
It decreases
What is the equilibrium price in the given scenario?
12
What does the market experience when demand exceeds supply?
Shortage
What is the response of suppliers to an increase in price?
Produce more
What is the response of consumers to an increase in price?
Demand less
What happens to the quantity demanded as price increases?
It decreases
What happens to the quantity supplied as price increases?
It increases
What is the significance of equilibrium in the market?
Shortages and surpluses are eliminated
Equilibrium Price and Output Determination Quiz: Test your understanding of demand and supply curves and how they interact to determine the equilibrium price and output in a market. Explore the graphical representation of price changes and the responses of demand and supply to price adjustments. Perfect your knowledge of equilibrium in the context of demand and supply dynamics.
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