CAIE IGCSE Economics 2.4.2 Market Equilibrium Questions
Practise Cambridge IGCSE Economics by defining market equilibrium and calculating equilibrium price and quantity from market data.
- Syllabus
- 2027–2029
- Course
- Economics 0455
Exam points
- Define market equilibrium as the point where quantity demanded equals quantity supplied.
- Calculate equilibrium price and quantity from market schedules.
- Explain shortages and surpluses as disequilibrium outcomes.
CAIE IGCSE Economics 2.4.2 Market Equilibrium Questions question 1
[Maximum number: 2]
Some markets in Belgium are in equilibrium. The country produces a wide range of goods and services with different degrees of price elasticity of demand. The Belgian Government wants the economy to move to a production possibility point beyond its current production possibility curve (PPC). Belgium's scientific industry is one industry which is doing well. Workers in this industry are highly specialised.
Define market equilibrium.
Define market equilibrium.
Demand equalling supply (2).
No shortage (1) no surplus (1).
Balance of demand and supply (2).
2
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