Supply, Demand, and equilibrium

Supply, Demand, and equilibrium

12th Grade

17 Qs

quiz-placeholder

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Supply, Demand, and equilibrium

Supply, Demand, and equilibrium

Assessment

Quiz

History

12th Grade

Medium

Created by

Jacob Miller

Used 71+ times

FREE Resource

17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is the law of supply?

As price goes up quantity demand goes down

As price goes up quantity supply goes up

As price goes down quantity supply stays the same

When the supply curve and demand curve meet

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

Which of the following is the law of demand?

As price goes up quantity demand goes down

As price goes up quantity supply goes up

As price goes up quantity demand goes up

When the supply curve and demand curve meet

3.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

When the supply curve meets the demand curve, that is called a what?

Equilibrium

Shortage

Surplus

Market

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is it called when the quantity supplied is more than the quantity demanded (above the equilibrium)?

Equilibrium

Shortage

Surplus

Market

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

What is it called when the quantity demanded is more than the quantity supplied (below the equilibrium)?

Equilibrium

Shortage

Surplus

Market

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

The law of supply is usually from the perspective of who?

Buyers

Sellers

Both

Neither

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

The law of demand is usually from the perspective of who?

Buyers

Sellers

Both

Neither

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