Supply and Demand Review

Supply and Demand Review

12th Grade

24 Qs

Student preview

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Supply and Demand Review

Supply and Demand Review

Assessment

Quiz

Created by

Dustin Williamson

Social Studies

12th Grade

14 plays

Medium

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When quantity demanded and quantity supplied meet on a graph, what has been reached?

Supply and Demand

Shortage

Equilibrium

Change in Demand

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a Factor that Impacts Supply?

Change quality/availability of natural resource

Government Regulation

Change in number of suppliers

Change in producer Spending Habits

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The popular brand Champion put out an ad with a celebrity that isn't favored by many people. As a result, the demand for their clothes have decreased. What will happen to the price and quantity sold of their clothes?

Price Decrease Quantity Sold Decrease

Price Increase Quantity Sold Increase

Price Increase Quantity Sold Decrease

Price Decrease Quantity Sold Increase

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When the Government sets a maximum price for a product, that is known as a what?

Equilibrium

Price Floor

Price Ceiling

Demand

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

There has been an increase in the number of Gen Zs that can legally drive. What factor that impacts demand is this?

Change in Consumer Taste

Change in Population

Change in Consumer Income

Change in availability of substitute Good

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Around ASU, many students ride their bike to get around campus. There has been a recent ban on bikes on campus. What will happen to the demand for longboards now?

Demand will increase

Demand will decrease

Demand won't change

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

There has been an outbreak of mad cow disease in dairy farms. Because of this, many people are eating fish instead of beef. What will happen to the price and quantity sold for fish?

Price Increase Quantity Sold Decrease

Price Decrease Quantity Sold Increase

Price Increase Quantity Sold Increases

Price Decreases Quantity Sold Decreases

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