3. Supply and Demand

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

What is market equilibrium in a competitive market?

Question 2

What is a shortage?

Question 3

What is a surplus?

Question 4

If the price is above the equilibrium price, what is most likely to occur in the market?

Question 5

Which event would most likely increase the equilibrium price of a good, assuming supply stays the same?