Supply and Demand in Microeconomics
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Questions and Answers

What is the economic model of price determination in a market?

  • Marginal cost and market price
  • Price and quantity
  • Total output and aggregate price level
  • Demand and supply (correct)

    • In a competitive market, what will vary until it settles at a point of economic equilibrium?

  • Cost of producing an extra unit
  • Quantity demanded
  • Unit price for a particular good (correct)
  • Quantity supplied

    • What determines supply in a perfect competition according to the text?

  • Quantity demanded
  • Market price
  • Marginal cost (correct)
  • Aggregate price level

    • What effect would a rise in the cost of raw materials have on supply?

    <p>Decrease supply</p> Signup and view all the answers

    How is a shift up in the supply curve described according to the text?

    <p>Price must rise for producers to supply a given quantity</p> Signup and view all the answers

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