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What is market equilibrium?

A state where the quantity demanded is equal to the quantity supplied (correct)

A state where there is excess supply in the market

A state where there is excess demand in the market

A state where the price of a product is set by the government

What is market equilibrium?

A state where there is excess demand in the market

A state where the quantity demanded is equal to the quantity supplied (correct)

A state where there is excess supply in the market

A state where the price of a product is set by the government

What is market equilibrium?

A state where there is excess demand in the market

A state where the price of a product is set by the government

A state where there is excess supply in the market

A state where the quantity demanded is equal to the quantity supplied (correct)

If the price of a product is below the market equilibrium price, what will happen in the market?

There will be excess supply Signup and view all the answers

If the price of a product is below the market equilibrium price, what will happen in the market?

There will be excess supply Signup and view all the answers

If the price of a product is above the market equilibrium price, what will happen in the market?

There will be excess demand Signup and view all the answers

What happens to the market equilibrium if there is an increase in demand?

The equilibrium price and quantity both increase Signup and view all the answers

Which of the following is not a characteristic of market equilibrium?

Price is set by the government Signup and view all the answers

What happens to the market equilibrium price if there is an increase in demand?

The market equilibrium price will increase Signup and view all the answers

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Description

Can you guess these famous movie quotes? Test your knowledge of popular film lines and see if you have what it takes to be a movie buff. From famous one-liners to iconic speeches, this quiz will challenge even the biggest movie fans. Get ready to quote along and prove your cinematic expertise!