52. Lesson 8(DOT)1(COLON) Microeconomics(COLON) Markets, Demand and Supply
Lesson Focus — Quiz
Test your understanding of lesson focus with 5 practice questions.
Practice Questions
Question 1
What is the effect of an increase in demand on market equilibrium price, assuming supply remains constant?
Question 2
What signifies a surplus in a market?
Question 3
What does the price elasticity of demand measure?
Question 4
Which of the following is NOT a determinant of supply?
Question 5
If a price ceiling is set below the market equilibrium price, what is likely to happen?