The Market Forces of Supply and Demand by James DeNicco

About the Lecture

The lecture The Market Forces of Supply and Demand by James DeNicco is from the course Principles of Microeconomics (EN). It contains the following chapters:

The Market and Perfect Competition
A Closer Look at Demand
Demand Shifts
Demand Shifts Versus Movements Along the Curve
A Closer Lock at Supply
Supply Shifts
The Market Equilibrium
Recap

Included Quiz Questions

What has to be fulfilled so that perfect competition prevails?

All the offered goods have to be identical and no single buyer or seller has control over the price.
All the offered goods have to be identical and just the seller has control over the price.
All the offered goods have to be identical and just the buyer has control over the price.
All the offered goods have to be different and no single buyer or seller has control over the price.

Which of the following answers are correct when we talk about the demand curve?

Anything that increases the amount we demand at a given price will be a rightward shift in the demand curve.
Whenever there is a change in the price its gonna be a movement along the curve.
Whenever there is a change in the price its gonna be a shift along the curve.
Anything that increases the amount we demand at a given price will be a leftward shift in the demand curve.

Which of the following answers are correct when we talk about the supply curve?

The supply curve is upward sloping and the demand curve is downward sloping.
Anything that raises the quantity supplied at any given price shifts the supply curve right.
The supply curve downward sloping and the demand curve is upward sloping.
Anything that raises the quantity supplied at any given price shifts the supply curve left.

What explanation describes the equilibrium best?

An equilibrium is a situation in which the market price has reached the level at which the quantity supplied equals the quantity demanded.
An equilibrium is a situation in which the market price has almost reached the level at which the quantity supplied equals the quantity demanded.
An equilibrium is a situation in which the market price has reached the level at which the quantity supplied is greater then the quantity demanded.
An equilibrium is a situation in which the market price has almost reached the level at which the quantity supplied is smaller then the quantity demanded.
None of the answers is correct.