2. Supply and Demand
Market Equilibrium — Quiz
Test your understanding of market equilibrium with 5 practice questions.
Practice Questions
Question 1
What term describes the condition where the quantity demanded exceeds the quantity supplied at a given price?
Question 2
If the supply curve shifts to the right, while the demand curve remains unchanged, what will be the effect on the equilibrium price and quantity?
Question 3
Which of the following events would most likely cause a shift in the demand curve to the left?
Question 4
When a market is in equilibrium, what is true about the forces of supply and demand?
Question 5
If the price of a complementary good increases, what is the likely impact on the demand for the original good?