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Supply and Demand Quiz

Authored by Rasheed Hall

Social Studies

12th Grade

Used 17+ times

Supply and Demand Quiz
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If supply AND demand decrease at the same time, which statement will DEFINITELY be true?

The equilibrium price of the good will be lower

The equilibrium price of the good will be higher

The equilibrium quantity of the good will be higher

The equilibrium quantity of the good will be lower

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jim says “as the price of something increases, the quantity demanded decreases.” Jim is

Correct, that is the law of demand

Correct, that is the law of supply

Incorrect, he means supply instead of quantity demanded

Incorrect, he means demand instead of quantity demanded

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which is NOT a potential reason for the shift seen above?

Substitutes for gadgets have increased in price

Complements to gadgets have increased in price

Consumer preferences for gadgets have increased

People who buy gadgets experienced an increase in income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Which headline BEST describes the graph above?

“Suppliers produce more gadgets at all price levels!”

"Consumers change buying habits because of price changes”

“Government taxing gadget makers at higher rates”

“Producers of gadgets producing more in response to increased demand”

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Assuming a shift from D1 to D 2, how is the law of supply represented in the graph?

As price increases from P1 to P2, quantity supplied increased from Q1 to Q2.

As quantity supplied increased from Q1 to Q2, price increased from P1 to P2.

The law of supply is not represented in the graph because it is a demand shift.

The increase from D1 to D2 caused supply to increase from Q1 to Q2.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?

sell the goods now and try to invest the money instead of resupplying

sell the goods now but try to get the higher price for them

store the goods until the price rises

store the goods indefinitely regardless of when the price rises

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What serves as an incentive for entrepreneurs?

The love of their job

Raising the economy

Profit

Market Structures

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