9 min read
This study guide covers market equilibrium and disequilibrium, including shortages and surpluses. It explains how shifts in supply and demand affect equilibrium price and quantity, and explores consumer/producer surplus and deadweight loss. Finally, it addresses double-shift problems and provides practice questions.
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Question 1 of 12
🎉 What is the hallmark of market equilibrium?
Quantity demanded exceeds quantity supplied
Quantity supplied is greater than quantity demanded
Quantity demanded equals quantity supplied
Prices are fluctuating rapidly