QUIZ
Supply & Demand
2 years ago by
28 questions
Q. This part of the market determines DEMAND
answer choices
buyers
sellers
suppliers
store owners
Q. This part of the market determines SUPPLY
answer choices
buyers
sellers
consumers
us
Q. For the law of demand, as price rises, what happens to quantity demanded?
answer choices
it goes up
it goes down
it stays the same
it is not effected
Q. When quantity supplied and quantity demanded is equal
answer choices
surplus
shortage
equilibrium
law of demand
Q. What does this curve represent?
answer choices
supply
equilibrium
demand
surplus
Q. Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?
answer choices
Prices or availability of substitutes
Prices or availability of complementary goods
Change in the weather or season
Change in the number of buyers
Q. Goods that are bought and used together are 
answer choices
complementary goods
substitute goods
income goods
unrelated goods
Q. The diagram represents a
answer choices
increase in demand
decrease in demand
change in quantity demand
none of the above
Q. Which of the following is likely to increase the demand for peanut butter?
answer choices
Fewer children in the population
News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
A big increase in the price of jelly.
A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
Q. Which statement expresses a central idea of how the laws of supply and demand work?
answer choices
The government sets the prices for goods and services.
Prices are determined by the interaction of producers and consumers.
Consumers alone determine the prices for goods and services.
Technology dictates the prices charged for goods and services.
Q. What does this graph show?
answer choices
Shortage
Surplus
Supply Table
Equilibrium
Q. If a price floor was set at 320, what quantity would be purchased?
answer choices
20
40
60
80
Q. What is the Equilibrium Price?
answer choices
1
2
3
4
Q. Which of the following will cause an increase in demand for snowboards?
answer choices
More costly production methods 
A decrease in the price of lift tickets at resorts in Colorado 
A decrease in consumer income   
A decrease in the population 
Q. The movement from Point A to Point B represents a(n)
answer choices
increase in the price.
decrease in the quantity supplied.
shift in the supply curve.
Both Orange and Blue are correct.
Q. Which of the following would not shift the supply curve for iphones?
answer choices
an increase in the price of iphones
a decrease in the number of sellers of iphone
an increase in the price of plastic, an input into the production of iphones
an improvement in the technology used to produce iphones
Q. Point at which supply and demand come together
answer choices
price ceiling
excess demand
equilibrium
disequilibrium
Q. Legal maximum that can be charged for a good.
answer choices
price ceiling
excess demand
equilibrium
disequilibrium
Q. When the government sets a price floor on earned income, it is called which of the following?
answer choices
market equilibrium rate
base-level wage
minimum wage
employment guarantee
Q. When quantity supplied exceeds quantity demanded at a certain price.
answer choices
shortage
fad
search costs
surplus
Q. When quantity demanded exceeds quantity supplied at a certain cost
answer choices
shortage
fad
search costs
surplus
Q. At which quantity does supply and demand reach equilibrium? 
answer choices
500
600
700
800
Q. At which price is equilibrium?
answer choices
$1.00
$1.25
$1.50
$1.75
Q.

An observer of the graph would call this a(n):

answer choices

Shortage

Surplus

Equilibrium price

Demand equals supply

Q.

At this price:

answer choices

Low prices encourage buyers but discourage sellers

High prices encourage sellers but discourage buyers

The market is stable

Buyers can find goods at equilibrium price

Q.

An observer of this graph would call this a(n):

answer choices

Surplus

Shortage

Qd = Qs

Shift in supply

Q.

Which description best describes the information in this graph at this price?

answer choices

Supply exceeds demand

Demand exceeds supply

Qd = Qs

Qs = Qd

Q.

At equilibrium price:

answer choices

Quantity supplied = quantity demanded

Price increases to soak up excess demand

Price decreases to soak up excess supply

Demand increases in response to the price of related goods

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