Microeconomics Quiz on Equilibrium Price and Complements
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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

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