Market Equilibrium Pre-Assessment
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Last updated almost 2 years ago
9 questions
The first six questions must be completed by selecting the correct definition for each vocabulary word. Questions #7-8 are multiple choice questions specifically focused on equilibrium. The final bonus question does not count towards the quiz grade but must be completed.
1
Market Economy
Market Economy
1
Demand
Demand
1
Supply
Supply
1
Shortage
Shortage
1
Surplus
Surplus
1
Equilibrium Price
Equilibrium Price
2
In a competitive market economy, what typically happens if the price is set above the equilibrium price?
In a competitive market economy, what typically happens if the price is set above the equilibrium price?
2
What is the primary role of supply and demand in determining the price of goods and services in a market?
What is the primary role of supply and demand in determining the price of goods and services in a market?
0
BONUS QUESTION: Explain how changes in both supply and demand can affect the price of goods and services in a competitive market. Provide an example to support your explanation. (3-5 sentences)
BONUS QUESTION: Explain how changes in both supply and demand can affect the price of goods and services in a competitive market. Provide an example to support your explanation. (3-5 sentences)