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How to Calculate Market Equilibrium

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

When a market price is set below the market equilibrium price, a _____ exists, which will _____.

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1. Which of the following statements is NOT true regarding the market equilibrium?

2. When a market price is set above the market equilibrium price, a _____ exists, which will _____.

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About This Quiz & Worksheet

This quiz and worksheet can help you assess your understanding of the market equilibrium. Topics you will need to be familiar with in order to pass the quiz include the demand curve and the supply curve.

Quiz & Worksheet Goals

This quiz and worksheet can help assess your knowledge of:

  • Market equilibrium
  • Changes in the market price
  • Demand and supply schedules

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about changes in the market price
  • Interpreting information - verify that you can read information regarding the market equilibrium and interpret it correctly
  • Problem solving - use acquired knowledge to solve practice problems that require the interpretation of supply and demand schedules

Additional Learning

Review these concepts by going over the lesson entitled How to Calculate Market Equilibrium, which will help you with these objectives:

  • Differentiate between the demand curve and the supply curve
  • Calculate the market equilibrium
  • Define the market equilibrium
  • Identify when a surplus occurs
  • Learn when a shortage happens
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