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Ch 74: MTTC History: Demand, Supply & Market Equilibrium

About This Chapter

Diversify your preparation for the MTTC History exam by watching our fun and fast video lessons on market supply and demand. Use these lessons as a review to prepare for questions covering these topics on the exam.

MTTC History: Demand, Supply & Market Equilibrium - Chapter Summary

Refresh your knowledge of supply and demand and their impact on market equilibrium through these short videos. Instructors offer an in-depth look at each topic through engaging and short videos that clearly demonstrate:

  • What a market demand schedule represents
  • How market supply schedules are created
  • The law associated with a downward sloping demand curve
  • Reasons supply curves always slope upward
  • Calculations for market equilibrium
  • How market equilibrium is affected by changes in supply and demand

These lessons use dynamic animations and graphics along with real-world examples to help you clearly understand each topic and prepare for the exam. Key words that you'll need to know for the exam can easily be located in the lesson transcripts, and you can re-watch the videos as often as you need. Video tags are available and allow you to refer back to main points in the video without having to re-watch the entire lesson.

Objectives of the MTTC History: Demand, Supply & Market Equilibrium Chapter

The MTTC History exam is part of Michigan's teacher licensing process and is used to assess your comprehension of history, economics and political science. This multiple-choice exam asks questions in four different subareas, including interdisciplinary perspectives. This area is where you'll find questions about market equilibrium, supply and demand; this section makes up about 24% of the total exam.

Use our self-assessment quizzes that follow each lesson to prepare for the types of questions you'll see on the exam, as well as the subjects you'll be tested on in this subarea.

6 Lessons in Chapter 74: MTTC History: Demand, Supply & Market Equilibrium
Test your knowledge with a 30-question chapter practice test
Market Demand Schedule

1. Market Demand Schedule

Demand can often drive the cost up or down for a product or service. In this lesson, you'll discover what demand is, what it looks like, and how market demand schedules are created.

Market Supply Schedule

2. Market Supply Schedule

Supply and demand play big roles in the economy. In this lesson, you'll discover what supply is, how we describe it, and how market supply schedules are created.

The Law of the Downward Sloping Demand Curve

3. The Law of the Downward Sloping Demand Curve

Discover the relationship between the quantity demanded and price of a good or service in a market. This lesson explains why the demand curve is downward sloping and what factors will lead to a shift in demand.

The Upward-Sloping Supply Curve

4. The Upward-Sloping Supply Curve

Discover the relationship between the quantity of a good or service that is produced and its price. This lesson explains the supply side of a market, including the factors that lead to a shift in supply.

How to Calculate Market Equilibrium

5. How to Calculate Market Equilibrium

Supply and demand is an important part of macroeconomics. In this lesson, you'll learn how to calculate the equilibrium price and quantity in a market at the intersection of the supply and demand curves.

How Changes in Supply and Demand Affect Market Equilibrium

6. How Changes in Supply and Demand Affect Market Equilibrium

Learn how the equilibrium of a market changes when supply and demand curves increase and decrease and how different shifts in the curves can affect price.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the MTTC History (009): Practice & Study Guide course

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