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Supply and demand

Authored by Ian Edwards

Business, Other

9th - 10th Grade

Used 40+ times

Supply and demand
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is not held constant when constructing the supply curve of a firm?

the price of the factors of production paid for by the firm

indirect taxes and subsidies on the firm’s products

the level of technology used by the firm in production

the market price of the good produced by the firm

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can cause the supply curve for a product to shift to the right?

an increase in demand for the product

an increase in government subsidies to producers

an increase in indirect taxes on the product

an increase in the costs of production

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There has been a movement upwards along the supply curve of a product. What is the most likely explanation for this?

Consumer incomes have fallen

New technology has made the product cheaper to produce

The government has imposed a tax on the product

The price of a substitute has increased

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A newspaper reported that ‘The world market for coffee has returned to equilibrium’. Which situation supports this statement?

A sequence of poor harvests resulted in shortages

Decreased transport costs led to a surplus of supply

Farmers matched demand by planting more coffee bushes

The price of coffee was fixed between producers.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by equilibrium in a market?

where products offered for sale equal consumer demand

where profit is at the expected level

where the quantity of inputs equals the quantity of output

where total costs equal total revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is meant by the equilibrium price in the market for a good?

the average price paid by consumers

the price at which maximum profit is made

the price at which the producer breaks even

the price at which the supply and demand curves intersect

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is most likely to increase the total output of a firm in the short run?

a rise in the length of the working day

a rise in the number of days holiday

a rise in the school leaving age

a rise in unemployment payments

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