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Questions › JNU › JNU SSS 2012 › Q16
1 mark, −0.25Microeconomics › Perfect competition › Market equilibrium and comparative staticsEasyabout 1 min

JNU SSS 2012 Question 16: Perfect competition

The table below shows the domestic demand and supply conditions for computers in a small country, Norway, in the world computer market :

Price (in $)DemandSupply
10003200800
150028001200
200024001600
250020002000
300016002400
350012002800

In the absence of trade, Norway's equilibrium price and quantity equal

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Perfect competition has come up 115 times in 7 exams since 2006.

What this question tests

This question is on Market equilibrium and comparative statics, part of Perfect competition in Microeconomics.

Finding equilibrium from demand and supply and tracing how it moves when either curve shifts.

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Question from the JNU SSS 2012 paper. Solutions are TestStop's own. Not affiliated with or endorsed by any examination authority.