Recent

  • Show all results for ""

🎧 New: AI-Generated Podcasts Turn your study notes into engaging audio conversations. Learn more

Microeconomics Quiz on Equilibrium Price and Complements
4 Questions
1 Views

Microeconomics Quiz on Equilibrium Price and Complements

Created by
@UncomplicatedNiobium

Podcast Beta

Play an AI-generated podcast conversation about this lesson

Questions and Answers

If both the demand and supply for a good increase, what is the effect on the equilibrium price?

  • The equilibrium price becomes unpredictable
  • The equilibrium price rises
  • The equilibrium price remains unchanged
  • The equilibrium price falls (correct)

    • When there is a decrease in demand combined with a decrease in supply, what would happen to the market price of a product?

  • The market price would remain unchanged
  • The market price would increase (correct)
  • The market price would decrease
  • The market price would fluctuate randomly

    • In the context of minimum wage and unemployment, what happens if workers with minimum wage jobs earn more money from working?

  • Unemployment remains unaffected
  • Unemployment becomes cyclical (correct)
  • Unemployment decreases
  • Unemployment increases

    • If a price ceiling is set above the equilibrium price of a product, what is the likely outcome?

    <p>Excess supply of the product</p> Signup and view all the answers

    More Quizzes Like This

    Indian Contract Act
    10 questions

    Indian Contract Act

    HonestMoldavite4258 avatar
    HonestMoldavite4258
    Understanding Price System and Microeconomy Quiz
    16 questions

    Understanding Price System and Microeconomy Quiz

    HumourousVerism avatar
    HumourousVerism
    QCM MT Microéconomie 4709
    12 questions

    QCM MT Microéconomie 4709

    SociableCharacterization avatar
    SociableCharacterization
    Economics Basics: Price Equilibrium and More
    30 questions

    Economics Basics: Price Equilibrium and More

    VivaciousAmaranth avatar
    VivaciousAmaranth
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser