Social Studies

9th -

12thgrade

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2.5 & 2.6 Demand, Supply, & Equilibrium

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  • 1. Multiple Choice
    1 minute
    12 pts

    Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store are reduced. What causes this change?

    Prices or availability of substitutes

    Prices or availability of complementary goods

    Change in the weather or season

    Change in the number of buyers

  • 2. Multiple Choice
    1 minute
    12 pts

    New technology advances the rate at which furniture can be assembled. Why does this change the supply?

    There is a change in cost of production.

    The number of producers changes.

    The expectations of consumers changes.

    The output rate declines.

  • 3. Multiple Choice
    1 minute
    12 pts

    Which of the following best refers to the market equilibrium price?

    Surpluses depress the number of goods supplied.

    Shortages and surpluses will have no effect on the market.

    The government will not intervene in the market.

    The quantity demanded is the same as the quantity supplied.

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