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ScotlandEconomicsQuick questions
Economics of the Market
Quick questions on Market equilibrium and the price mechanism - SQA National 5 Economics
3short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
Define the equilibrium price. [2 marks]
What is q2?Show answer
Supply of a good increases. State what happens to the equilibrium price and quantity. [2 marks]
What is q3?Show answer
A price is set below equilibrium. Name the imbalance and explain what happens to price. [2 marks]
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