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Economics Test Prep: Supply and Demand Equilibrium Calculations

Practice for an economics test by solving problems on market supply and demand curves, unemployment types, fiscal vs monetary policy, elasticity, inflation, and more. Understand key economic concepts to ace your exam!

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Economics Test Prep: Supply and Demand Equilibrium Calculations

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  1. Test Friday! • Opportunity cost • Formulae for: market supply curve, aggregate demand curves • If the market for IPhone cases has a demand curve of Q (D)=60-P and a supply curve of Q (S)=2P, then equilibrium price and quantity will be P= _____, Q= _________

  2. More test stuff • Types of unemployment • Fiscal v monetary policy • Elastic v inelastic • scarcity principle • GDP • CPI • normative economics

  3. And finally… • Treasury • FMOC • Fed • SEC • Central bank • Oligopolies, natural monopolies, cartel, market failure, deflation, inflation

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