Describe the concept of equilibrium in the context of supply and demand.
Demand and Supply- EconMovies #4: Indiana Jones (Reupload)
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Business
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11th Grade - University
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Hard
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Mr. Clifford introduces Econ Movies by exploring economic concepts in Indiana Jones. The video explains demand and supply, using pet snakes as an example to illustrate market dynamics. It covers the concepts of equilibrium, shortage, and surplus, and discusses how changes in related markets, like substitutes, affect demand and supply. The video concludes with a humorous nod to Indiana Jones' preferences.
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3 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
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2.
OPEN ENDED QUESTION
3 mins • 1 pt
How does competition among sellers affect the price of a product?
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3.
OPEN ENDED QUESTION
3 mins • 1 pt
What is the significance of a shortage in a market?
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