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    Economics, Basic Concepts, Demand-Supply-Equilibrium

    The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

    1

    If income tax decreases, what happens to the demand curve?

    2

    Of the following, which is a special determinant of the supply of good X?

    3

    In equilibrium:

    4

    If there is a surplus,

    5

    If price is lower than the equilibrium price,