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- 1. Multiple Choice
The law of demand argues that as prices rise
the quantity demanded will fall
the quantity demanded will rise
the demand curve will shift to the right
quantity demanded will fall due to a decrease in demand
- 2. Multiple Choice
The 'law of supply' suggests that
price and quantity supplied are directly related
price and quantity supplied are inversely related
movements along the supply curve are caused by a price fall
supply will expand until market equilibrium is reached
- 3. Multiple ChoiceThis part of the market determines DEMANDbuyerssellerssuppliersstore owners
- 4. Multiple ChoiceThis part of the market determines SUPPLYbuyerssellersconsumersus
- 5. Multiple Choice
What does this curve represent?supplyequilibriumdemandsurplus - 6. Multiple ChoiceThe diagram represents aincrease in demanddecrease in demandchange in quantity demandnone of the above
- 7. Multiple ChoiceWhat is the Equilibrium Price?1234
- 8. Multiple ChoiceWhich of the following will cause an increase in demand for snowboards?More costly production methodsA decrease in the price of lift tickets at resorts in ColoradoA decrease in consumer incomeA decrease in the population
- 9. Multiple ChoiceThe movement from Point A to Point B represents a(n)increase in the price.decrease in the quantity supplied.shift in the supply curve.Both Orange and Blue are correct.
- 10. Multiple ChoiceWhich of the following would not shift the supply curve for iphones?an increase in the price of iphonesa decrease in the number of sellers of iphonean increase in the price of plastic, an input into the production of iphonesan improvement in the technology used to produce iphones
- 11. Multiple ChoicePoint at which supply and demand come togetherprice ceilingexcess demandequilibriumdisequilibrium
- 12. Multiple Choice
At equilibrium price:
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
- 13. Multiple ChoiceFor the law of demand, as price rises, what happens to quantity demanded?it goes upit goes downit stays the sameit is not effected
- 14. Multiple ChoiceThe amount of goods available:SupplyDemandUtilityEquilibrium
- 15. Multiple ChoiceA supply curve slopes:UpwardDownwardVerticalNot at All
- 16. Multiple ChoiceThe only thing that causes movement along a supply or demand curve:PriceQuantityClimateWeather
- 17. Multiple ChoiceDemand can be best defined asan individuals need or desire for a good or service at a given price.how much of a good or service is being produced.
- 18. Multiple ChoiceWhen the price is below the equilibrium price, more people are willing to buy alot of the product.falsetrue
- Answer choicesTagsAnswer choicesTags