Market Equilibrium (HSC SSCE Economics): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What occurs at market equilibrium?
What occurs at market equilibrium?
Quantity demanded equals quantity supplied
Which is NOT a condition of market equilibrium?
Which is NOT a condition of market equilibrium?
Government regulates the market price
What is the price mechanism?
What is the price mechanism?
Supply & demand forces determine price
Where does market equilibrium occur on a graph?
Where does market equilibrium occur on a graph?
Where demand & supply curves intersect
What happens when price is below equilibrium?
What happens when price is below equilibrium?
Excess demand occurs in the market
What occurs when price is above equilibrium?
What occurs when price is above equilibrium?
Excess supply creates unsold inventory
How does an increase in demand affect equilibrium?
How does an increase in demand affect equilibrium?
Both price and quantity increase
What happens when demand decreases?
What happens when demand decreases?
Both price and quantity fall
How does an increase in supply affect equilibrium?
How does an increase in supply affect equilibrium?
Price falls and quantity rises
What occurs when supply decreases?
What occurs when supply decreases?
Price rises and quantity falls