An overview of the fundamental principles of supply and demand, market equilibrium, and factors causing market shifts. Test your knowledge with this…
10 questions • Zestly
• According to the law of demand, what is the relationship between the price of a good and the quantity demanded, assuming all other factors…
• Which of the following factors are considered determinants that cause a shift in the market demand curve?
• What happens in a market when the current price is set higher than the equilibrium price?
• In a competitive market, what is the definition of the equilibrium price?
• If the price of a substitute good increases, what is the expected effect on the demand curve for the original good?
• Which of the following are considered determinants of supply?
• What is the primary result of a market shortage?
• How does an increase in the number of buyers in a market affect the demand curve?
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