Microeconomics Quiz on Equilibrium Price and Complements

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4 Questions

If both the demand and supply for a good increase, what is the effect on the equilibrium price?

When there is a decrease in demand combined with a decrease in supply, what would happen to the market price of a product?

In the context of minimum wage and unemployment, what happens if workers with minimum wage jobs earn more money from working?

If a price ceiling is set above the equilibrium price of a product, what is the likely outcome?

Description

Test your knowledge of microeconomics concepts related to equilibrium price and complementary goods. Questions cover scenarios such as shifts in demand and supply, and the effects of price changes on related products.

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