Market Equilibrium in Economics: Definition & Examples


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question 1 of 3

Which one of the following is the best explanation of market equilibrium?

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1. Which is the best explanation of equilibrium price?

2. If the market is at equilibrium, what happens to supply and demand?

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About This Quiz & Worksheet

Key topics these assessments will focus on include the best explanation of market equilibrium and the definition of equilibrium price.

Quiz & Worksheet Goals

With this quiz/worksheet, you will answer questions on:

  • The best explanation of market equilibrium
  • How to define equilibrium price
  • Supply and demand in market equilibrium
  • What happens when the market price is above or below equilibrium

Skills Practiced

  • Interpreting information - verify you can read information regarding what occurs when the market price is lower or higher than the equilibrium price and interpret it correctly
  • Defining key concept - ensure that you can accurately define equilibrium price
  • Reading comprehension - ensure that you draw the most important information from the related market equilibrium lesson

Additional Learning

Examine the lesson called Market Equilibrium in Economics: Definition & Examples for a better understanding of this topic. Through this lesson, you should be able to:

  • Understand what market equilibrium is
  • Identify where on a graph the supply and demand curves meet
  • Describe how the markets reach equilibrium
  • Review examples of market equilibrium