10 Questions
According to economists, what are the three magic words that determine the price of a good or service in a market?
Supply, demand, price
What determines supply and demand in a market?
Technology and conditions
In a market with a large number of virtually identical sellers and buyers, what type of competition is present?
Perfect competition
What are the three little words that captured the French Revolution?
Liberty, equality, fraternity
What are the three little words that are at the heart of the U.S. Declaration of Independence?
Life, liberty, happiness
What are the three words that are considered the magic words by many economists?
Supply, demand, price
What type of market is characterized by a large number of virtually identical sellers and buyers?
Perfect competition
What determines supply and demand in a market?
Technology and conditions
What are the three words that captured the French Revolution?
Liberty, equality, fraternity
In a market transaction between a seller and a buyer, what determines the price of a good or service?
Supply and demand
Test your knowledge of economic principles and theories with this quiz that explores the three magic words that drive buyers and sellers: supply, demand, and equilibrium. Discover how these concepts shape and determine prices in the market, and gain a deeper understanding of the fundamental forces behind economic transactions.
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