Price Determination

In this topic, we will focus on how market price and market quantity are determined. So, we will determine the market equilibrium.  Definition of Market equilibrium Market equilibrium is a situation when quantity demanded and quantity supplied are equal and there is no tendency for price or quantity to change. Quantity Demanded (Qd) = Quantity Supply (Qs) Market equilibrium is determined by the intersection of both the demand and supply curves....

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Change in quantity supply (movement) and change in supply (shift).

Change in quantity supply (movement) and change in supply (shift). Click Picture to zoom o...

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Example final exam: Chapter 1

Example of final exam questions"Chapter 1" Section A; Multiple choice questions. 1. Scarcity is a problem:  A. measured by the amount of goods available.B. of the poor, but not the rich.C. because human wants are unlimited while resources are limited.D. only in industrialized economies             2.  Which of the following is a characteristics of capitalism  A.  an economic system characterized by private ownership of resources and market.B. an...

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Microeconomics : Tutor 1

Please answer all questions. 1. Define economics? ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------. 2.  Explain each of the economy's problems below. i.            Scarcity --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------....

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