2. Basic Economic Concepts
Market Equilibrium, Disequilibrium, And Changes In Equilibrium — Quiz
Test your understanding of market equilibrium, disequilibrium, and changes in equilibrium with 5 practice questions.
Practice Questions
Question 1
In a market, the price is $10$ and the quantity demanded is $50$ while the quantity supplied is $70$. What is the market situation at this price?
Question 2
Which statement best describes market equilibrium?
Question 3
If the market price is below equilibrium, what is most likely to happen?
Question 4
A good's demand increases while supply stays the same. What happens to equilibrium price and equilibrium quantity?
Question 5
A market has a surplus. Which action would most likely move the market toward equilibrium?