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Questions and Answers
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 equals the quantity supplied?
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 equals the quantity supplied?
- Supply schedule model
- Macroeconomic model
- Demand and supply model (correct)
- Aggregate demand-aggregate supply model
What does a supply schedule show?
What does a supply schedule show?
- The relationship between the price of a good and the quantity traded in the market
- The relationship between the price of a good and the quantity supplied by producers (correct)
- The relationship between the price of a good and the quantity available in the market
- The relationship between the price of a good and the quantity demanded by consumers
Which model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium?
Which model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium?
- Demand and supply model
- Supply schedule model
- Aggregate demand-aggregate supply model (correct)
- Macroeconomic model
What is the theoretical basis of modern economics?
What is the theoretical basis of modern economics?
True or false: Supply and demand is an economic model of price determination in a market.
True or false: Supply and demand is an economic model of price determination in a market.
In a competitive market, what happens when the quantity demanded equals the quantity supplied?
In a competitive market, what happens when the quantity demanded equals the quantity supplied?
True or false: The unit price for a particular good will vary until it settles at a point where the quantity demanded equals the quantity supplied.
True or false: The unit price for a particular good will vary until it settles at a point where the quantity demanded equals the quantity supplied.
True or false: The concept of supply and demand forms the theoretical basis of modern economics.
True or false: The concept of supply and demand forms the theoretical basis of modern economics.
True or false: The aggregate demand-aggregate supply model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium.
True or false: The aggregate demand-aggregate supply model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium.
True or false: A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied by producers.
True or false: A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied by producers.
Study Notes
Market Equilibrium
- In a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded equals the quantity supplied.
Supply Schedule
- A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied by producers.
Macro Economic Model
- The aggregate demand-aggregate supply model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium.
Theoretical Basis of Economics
- The concept of supply and demand forms the theoretical basis of modern economics.
Market Equilibrium Condition
- When the quantity demanded equals the quantity supplied in a competitive market, the market is said to be in equilibrium.
Price Determination
- Supply and demand is an economic model of price determination in a market.
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Description
Test your knowledge of supply and demand in microeconomics with this quiz! Explore the concepts of price determination, market competition, and equilibrium as you answer questions about the relationship between quantity demanded and quantity supplied.
