Supply and Demand Test '25

Front

According to the law of supply, the higher the price...

Back

The higher the quantity supplied will be.

Front

As more producers enter a market, what will happen to the supply in the market?

Back

Increase

Front

The law of demand states that the price and quantity demanded are...

Back

Inverse

Front

What incentive do manufacturers have to sell their products in the U.S.?

Back

Profit

Front

Which of the following could be considered a price floor? Minimum wage, Rent ceilings, An equilibrium price, Shortages

Back

Minimum wage

Front

Which of the following is not a determinant of supply? Price, Competition, Technology, Price of resources

Back

Price

Front

If the price of chicken increased, the demand for beef, a substitute for chicken, would likely...

Back

Increase

Front

A government payment to a firm to produce a good or service is known as a...

Back

Subsidy

Front

The amount of a good or service that consumers are willing and able to buy at each specific price.

Back

Quantity Demanded

Front

When Quantity supplied is more than Quantity demanded there is a ________ in the market.

Back

Surplus