Supply and Demand Quiz

What is the relationship between the price of a Thanksgiving turkey and the quantity demanded?

• The price of a Thanksgiving turkey and the quantity demanded have a positive relationship

• The price of a Thanksgiving turkey and the quantity demanded have a negative relationship

• The price of a Thanksgiving turkey and the quantity demanded have no relationship

• The price of a Thanksgiving turkey and the quantity demanded have a random relationship

What are the three reasons for the demand of Thanksgiving turkey?

• Substitution effect, income effect, and law of diminishing marginal utility

• Supply and demand, income effect, and law of diminishing marginal utility

• Substitution effect, demand curve, and law of diminishing marginal utility

• Substitution effect, income effect, and demand curve

Which of the following is not a factor that shifts the demand for Thanksgiving dinner ingredients?

• Taste and preferences for Thanksgiving dishes

• Price of substitute and complementary ingredients

• Price of pumpkin pie

• Change in expectations about the Thanksgiving dinner

What is the relationship between the cost of a Thanksgiving turkey and the quantity supplied?

• The cost of a Thanksgiving turkey and the quantity supplied have a positive relationship

• The cost of a Thanksgiving turkey and the quantity supplied have a negative relationship

• The cost of a Thanksgiving turkey and the quantity supplied have no relationship

• The cost of a Thanksgiving turkey and the quantity supplied have a random relationship

Which of the following is a shifter of supply in a Thanksgiving dinner context?

• Change in the price of Thanksgiving dinner ingredients

• Change in demand for Thanksgiving dinner

• Change in price of pumpkin pie

• Change in expectations for the Thanksgiving dinner

What happens when there is a shortage of turkeys in the market during Thanksgiving?

• The price of turkeys increases and the quantity decreases

• The price of turkeys decreases and the quantity increases

• The price and quantity of turkeys both increase

• The price and quantity of turkeys both decrease

What happens when there is a surplus of turkeys in the market during Thanksgiving?

• Price of turkeys increases and quantity decreases

• Price of turkeys decreases and quantity increases

• Price and quantity of turkeys both increase

• Price and quantity of turkeys both decrease

What is the term used for the price at which the quantity of Thanksgiving turkeys demanded equals the quantity supplied?

• Market equilibrium

• Market shortage

• Market surplus

• Market shift

How does an increase in demand for pumpkin pies during Thanksgiving affect the price and quantity?

• Price and quantity both increase

• Price increases and quantity decreases

• Price decreases and quantity increases

• Price and quantity both decrease

How does a decrease in supply affect the price and quantity of pumpkin pie?

• Price and quantity both increase

• Price increases and quantity decreases

• Price decreases and quantity increases

• Price and quantity both decrease