Exercises

Skills required: Distinguish demand and quantity demanded

Skills required: Distinguish supply and quantity supplied

Skills required: Distinguish demand and quantity demanded

Skills required: Distinguish supply and quantity supplied

Skills required: Recall the law of demand

Skills required: Recall the law of supply

Skills required: Understanding the concepts

Skills required: Understanding the meaning of equilibrium, equilibrium price, equilibrium quantity, State the equilibrium condition

Skills required: Understanding the meaning of equilibrium, equilibrium price, equilibrium quantity, State the equilibrium condition, Find the equilibrium price and quantity transacted from a demand and supply diagram, Draw a diagram with demand and supply curve

Skills required: Understanding the concepts

Skills required: Draw a downward sloping demand curve

Skills required: Draw a upward sloping supply curve

Skills required: Understanding the meaning of shortage, Identify shortage from a demand and supply diagram, Identify the quantity transacted under shortage from a demand and supply diagram

Skills required: Understanding the meaning of surplus, Identify surplus from a demand and supply diagram, Identify the quantity transacted under surplus from a demand and supply diagram

Skills required: Understanding the meaning of shortage and non-price competition

Skills required: Distinguish the difference between demand and quantity demanded

Skills required: Distinguish the difference between demand and quantity demanded

Skills required: Distinguish the difference between supply and quantity supplied

Skills required: Distinguish the difference between supply and quantity supplied

Skills required: Understand the meaning of joint demand and production of production.

Skills required: Understand the meaning of competitive demand

Skills required: Understand the meaning of joint supply and factor of production

Skills required: Understand the meaning of competitive and factor of production

Skills required: Find the corresponding price and quantity demanded from a demand table

Skills required: Find the corresponding price and quantity supplied from a supply table

Skills required: Find the equilibrium price and quantity transacted from a demand and supply table, state the equilibrium condition