According to the Law of Supply, what happens as price increases?

The quantity supplied increases

The quantity supplied decreases

The supply curve shifts to the left

The supply curve shifts to the right

Which of these best describes market equilibrium?

the amount of Pepsi for sale matches the amount that people want to buy

the price of Pepsi does not vary much from week to week

Pepsi production provides a good profit for the manufacturer

everyone who wants Pepsi can easily afford to buy it

Which of the following could cause the price for automobiles to decrease?

A brand new automobile dealership opens in town.

The local factory gives a big raise to its employees.

A decrease in demand will result in...

a decrease in equilibrium price and a decrease in equilibrium quantity.

an increase in equilibrium price and a decrease in equilibrium quantity.

an increase in equilibrium price and quantity.

a decrease in equilibrium price and quantity.

An increase in supply will result in...

a decrease in equilibrium price and an increase in equilibrium quantity.

an increase in equilibrium price and a decrease in equilibrium quantity.

an increase in equilibrium price and quantity.

a decrease in equilibrium price and quantity.

Which of the following options defines the term "Surplus?"

The point where quantity supplied exceeds or is greater than quantity demanded

The point where quantity demanded exceeds or is greater than quantity supplied

The point where quantity demanded and supplied are equal

The where there is no quantity demand at a particular price

Which of the following options defines the term "shortage?"

The point at which quantity demanded exceeds or is greater than quantity supplied

The where there is no quantity demand at a particular price

The point at which quantity supplied exceeds or is greater than quantity demanded

The point at which quantity demanded and supplied intersect

According to the price ceiling, what will happen in the market?

A shortage will occur between Qs and Qd

A surplus will occur between Qs and Qd

Excess demand will occur between Q* and Qd

Excess supply will occur between Q* and Qs

Which of the following is NOT true about a market supply and demand curve?

Supply slopes downward; demand slopes upward.

Supply slopes upward; demand slopes downward.

The curves intersect at equilibrium.

There are two curves on one graph.

Based on these graphs, which of the following BEST describes equilibrium?

the point at which the demand and supply both equal 200

the point at which the quantity supplied equals the price

the point at which the quantity supplied equals 200 or more

the point at which the price equals $3.00

Which of the following BEST explains how the situation shown in the graph affects producers and consumers?

It benefits neither, because consumers must pay more and producers must throw out excess supply.

It benefits the producer, because the higher price increases profits.

It benefits the consumer, because the price must come down to reach equilibrium.

It benefits the consumer, because the quantity supplied is greater than the quantity demanded.

How are price ceilings and price floors similar?

Both bring about disequilibrium in the market.

Both involve the government's setting of a maximum price.

Both represent input changes that affect demand.

Both are examples of government price supports.

Which of the following is generally true after a shift in supply or demand?

Equilibrium is gradually restored.

Supply rises along with demand.

Equilibrium price moves down the demand curve.

Which of the following explains why a free market economy is more efficient than a centrally planned economy?

It relies on prices to allocate resources.

It allows experts to determine what goods to produce.

It prevents consumers from engaging in barter.

It keeps prices from going up and down as demand changes.

Which of the following signals does the image below give to consumers?

You seem to be getting a good price on this product.

You can earn high profits by producing more of this product.

Think carefully; the price of this product is rising.

Demand for this product is increasing.

Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers

is higher for the product demanded.

is higher for the product supplied.

Equilibrium in a market means which of the following?

the point at which quantity supplied and quantity demanded are the same

the point at which unsold goods begin to pile up

the point at which suppliers begin to reduce prices

Lesson 7 - Prices

Authored by Luis Cardenas

Social Studies

9th - 12th Grade

Used 31+ times

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

The monetary value of a product

price ceiling

target price

economic model

price

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Price where quantity supplied equals quantity demanded.

Equilibrium price

Equilibrium quantity

Price floor

Price

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The highest legal price that can be charged for a product:

Price

Price ceiling

Price floor

Target price

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The lowest legal price that can be paid for a product:

Price

Price Ceiling

Price Floor

Surplus

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is the opposite of a surplus?

Inelastic

Shortage

Equilibrium

Floor

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which term best describes rent control?

Price ceiling

Subsidy

Equilibrium price

Nonrecourse

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Law of Demand states that as quantity demanded decreases...

wages decrease

production increases

price increases

quality decreases

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Lesson 7 - Prices

The monetary value of a product

Price where quantity supplied equals quantity demanded.

The highest legal price that can be charged for a product:

The lowest legal price that can be paid for a product:

Which is the opposite of a surplus?

Which term best describes rent control?

The Law of Demand states that as quantity demanded decreases...

According to the Law of Supply, what happens as price increases?

Which of these best describes market equilibrium?

Where supply and demand intersect

Access all questions and much more by creating a free account

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