5 Questions
In microeconomics, what is the economic model of price determination in a market called?
supply and demand
What postulate does the supply and demand model make about the unit price of a good in a competitive market?
it will vary until it settles at a point where the quantity demanded will equal the quantity supplied
What is the concept of supply and demand the basis of?
modern economics
In macroeconomics, what model has been used to depict how the quantity of total output and the aggregate price level may be determined in equilibrium?
aggregate demand-aggregate supply model
What is a supply schedule?
a table that shows the relationship between the price of a good and the quantity supplied by producers
Test your knowledge of supply and demand in microeconomics with this quiz. Explore the concepts of price determination, market competition, and the equilibrium point where quantity demanded equals quantity supplied. Perfect for economics students or anyone interested in understanding the dynamics of market prices.
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