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Supply, Demand & Equilibrium Practice

Authored by Brandon Moss

Social Studies

9th - 10th Grade

Used 138+ times

Supply, Demand & Equilibrium Practice
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26 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which statement expresses a central idea of how the laws of supply and demand work?

The government sets the prices for goods and services.

Prices are determined by the interaction of producers and consumers.

Consumers alone determine the prices for goods and services.

Technology dictates the prices charged for goods and services.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following best refers to the market equilibrium price?

Surpluses depress the number of goods supplied.

Shortages and surpluses will have no effect on the market.

The government will not intervene in the market.

The quantity demanded is the same as the quantity supplied.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Latin phrase Ceteris paribus literally mean?

"other things being equal."

"after this therefore because of this."

"to respond slowly to a change in price."

"There's no such thing as a free lunch."

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

New technology advances the rate at which furniture can be assembled. Why does this change the supply?

There is a change in cost of production.

The number of producers changes.

The expectations of consumers changes.

The output rate declines.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which situation is most likely to lead to the lowest prices?

There is only one producer making the good.
Businesses secretly agree to share their profits.
Competition between businesses is prohibited.
Several producers compete to sell goods to the public.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would NOT be a determinant of demand?

The price of related goods

Income

Tastes

The prices of the inputs used to produce the good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Legal maximum that can be charged for a good.

price ceiling
excess demand
equilibrium
disequilibrium

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