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Subjects / LC Economics / Microeconomics

Market Equilibrium and Price Controls

How demand and supply set the market price, and what happens when the State fixes prices.

5th Year6th Year HigherOrdinary
Helps to know first: Demand, Supply
16practice questions

Match the pairs: 1 · Multiple choice: 10 · Numeric answer: 3 · Written answer (self/teacher assessed): 2

Each question has up to three hints, a worked explanation, and is tracked in your progress and review plan.

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Multiple choice
At the current price in a market, quantity supplied exceeds quantity demanded. What will tend to happen if the market is left free?
PriceQuantityDSPrice P1
Choose one answer
Hint 1

This situation is called excess supply.

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