
Supply and Demand Quiz
Authored by Joydeep chatterjee
Other
11th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Law of Demand?
The Law of Demand is the direct relationship between price and quantity demanded.
The Law of Demand is the relationship between supply and demand.
The Law of Demand is the inverse relationship between price and quantity demanded.
The Law of Demand is the same as the Law of Supply.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factors can cause a shift in the demand curve?
Changes in consumer income, prices of related goods, consumer preferences, population demographics, and advertising and marketing efforts.
Changes in government policies
Technological advancements
Natural disasters
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define price elasticity of demand.
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its quality.
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its price.
Price elasticity of demand is a measure of the responsiveness of the quantity supplied of a good or service to a change in its price.
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its income.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the Law of Supply?
The Law of Supply states that the quantity supplied by producers remains constant regardless of changes in price.
The Law of Supply states that as the price of a good or service decreases, the quantity supplied by producers also decreases.
The Law of Supply states that as the price of a good or service increases, the quantity supplied by producers decreases.
As the price of a good or service increases, the quantity supplied by producers also increases, and vice versa.
5.
OPEN ENDED QUESTION
3 mins • 1 pt
What factors can cause a shift in the supply curve?
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6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Define price elasticity of supply.
Price elasticity of supply is a measure of the responsiveness of the quantity demanded of a good or service to a change in its price.
Price elasticity of supply is a measure of the responsiveness of the quantity supplied of a good or service to a change in demand.
Price elasticity of supply is a measure of the responsiveness of the price of a good or service to a change in its quantity supplied.
Price elasticity of supply is a measure of the responsiveness of the quantity supplied of a good or service to a change in its price.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the relationship between price and quantity demanded according to the Law of Demand?
Proportional
Unrelated
Inverse
Direct
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