7 min read
This study guide covers supply and demand, focusing on the determinants that shift these curves. It uses mnemonics TBPIE for demand and TPRENT for supply. Market equilibrium and the difference between shifts vs. movement along the curves are also explained. Practice questions and an exam focus section with tips are included.
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Question 1 of 12
What does the term 'market equilibrium' refer to? 🤔
The point where supply is maximized
The point where demand is minimized
The point where supply and demand intersect
The point where only consumers' desires are met