Supply and Demand in Microeconomics
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Questions and Answers

Which model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium?

  • Microeconomics model
  • Macroeconomics model
  • Aggregate demand-aggregate supply model (correct)
  • Supply and demand model

    • Which economic model postulates that 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?

  • Supply and demand model (correct)
  • Microeconomics model
  • Macroeconomics model
  • Aggregate demand-aggregate supply model

    • What is the theoretical basis of modern economics?

  • Macroeconomics model
  • Aggregate demand-aggregate supply model
  • Microeconomics model
  • Supply and demand model (correct)

    • What is the assumption underlying a supply schedule?

    <p>All else being equal</p> Signup and view all the answers

    What does the supply schedule show?

    <p>The relationship between the price of a good and the quantity supplied</p> Signup and view all the answers

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