5 Questions
What determines supply in a perfectly competitive market?
Marginal cost
What concept forms the theoretical basis of modern economics?
Supply and demand
In a competitive market, the unit price for a particular good will vary until it settles at a point where:
the quantity demanded will equal the quantity supplied
In macroeconomics, the aggregate demand-aggregate supply model depicts the determination of:
Total output and the aggregate price level in equilibrium
How would a rise in the cost of raw materials affect supply?
Decrease supply, shifting the supply curve to the left
Test your knowledge of supply and demand in microeconomics with this quiz. Explore the concepts of price determination, market equilibrium, and the relationship between quantity demanded and quantity supplied. Prepare to master the fundamental principles of this economic model.
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