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Market Equilibrium from a Microeconomics Perspective Video

Instructions:

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

question 1 of 3

_____ is when the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.

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1. Which of the following intersect at market equilibrium?

2. When demand for a product is greater than supply, a _____ exists and there is _____ pressure on prices.

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About This Quiz & Worksheet

Focusing on where we all want the market to be, this quiz and corresponding worksheet will help you gauge your knowledge of market equilibrium in microeconomics. Topics you'll need to know to pass the quiz include understanding the definition of market equilibrium as well as knowing what needs to intersect on a graph to have an equilibrium.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • The definition of market equilibrium
  • What needs to intersect to have equilibrium
  • When demand for a product is greater than the supply
  • How a new market equilibrium point is created
  • Result of a brand becoming more popular

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding how a new market equilibrium point is created and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about what needs to intersect to have equilibrium
  • Reading comprehension - ensure that you draw the most important information from the related market equilibrium lesson

Additional Learning

There is also a lesson called Market Equilibrium from a Microeconomics Perspective. This lesson will help you:

  • Understand what market equilibrium is
  • Identify where on a graph the supply and demand curves meet
  • Describe what can lead to surpluses and shortages in the market
  • Explain the factors that can shift demand and supply
  • Appreciate how a new equilibrium in the market can be born
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