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Market Equilibrium and Economic Forces Quiz

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Market Equilibrium and Economic Forces Quiz

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Questions and Answers

What occurs at the point of equilibrium in a perfectly competitive market?

Quantity supplied exceeds quantity demanded

There is no equilibrium in a perfectly competitive market

Quantity demanded exceeds quantity supplied

Quantity demanded and quantity supplied are equal (correct)

In economics, economic equilibrium is a situation in which?

only supply is balanced

supply and demand are balanced (correct)

there are no economic forces

only demand is balanced

What is the market price called at equilibrium in a competitive market?

Stagnant price

Competitive price or market clearing price (correct)

Inflated price

Deflationary price

In imperfectly competitive markets, what form does equilibrium take?

<p>Nash equilibrium</p> Signup and view all the answers

What tends not to change at market equilibrium unless demand or supply changes?

<p>Competitive price or market clearing price</p> Signup and view all the answers

Market Equilibrium and Economic Forces Quiz

Choose a study mode

Podcast

Questions and Answers

What occurs at the point of equilibrium in a perfectly competitive market?

In economics, economic equilibrium is a situation in which?

What is the market price called at equilibrium in a competitive market?

In imperfectly competitive markets, what form does equilibrium take?

What tends not to change at market equilibrium unless demand or supply changes?

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