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I have Intro to Microeconomics tomorrow. Give me a quick refresher and three practice questions.
Supply is how much producers sell; demand is how much consumers buy; equilibrium is where they meet. A product’s own price causes movement along a curve; outside factors shift the curve.
Practice: What happens to popcorn demand if movie ticket prices rise? What happens to laptop price and quantity if production gets cheaper? What happens to today’s gasoline demand if consumers expect higher prices next week?
