Supply and Demand in Microeconomics

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ColorfulMagic
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5 Questions

What is the economic model of price determination in a market based on supply and demand?

What does the supply schedule, depicted graphically as a supply curve, show?

How is supply determined under the assumption of perfect competition?

How would a rise in the cost of raw materials affect the supply curve?

What is the aggregate demand-aggregate supply model used to depict in macroeconomics?

Description

Test your knowledge of the economic model of price determination in a market. Explore how quantity demanded and quantity supplied reach equilibrium in a competitive market.

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