
Nat 5 Economics Supply, Demand and Equilibrium

Quiz
•
Other
•
9th Grade
•
Hard
Rachel McAuley
Used 6+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the law of demand, a decrease in price WILL
Shifts the demand curve to the right
Shifts the demand curve to the left
Results in a contraction of demand (movement along the demand curve to the left)
Results in an extension of demand (movement along the demand curve to the right)
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following WILL NOT cause a shift in the demand curve to the right?
An increase in the price of apples, a substitute for oranges
A new study showing orange juice is good for your kidneys
A new technology for orange picking making harvesting oranges cheaper
Consumers expect high prices for oranges later in the month due to hurricanes destroying crops
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An increase in the price of pencil lead, an input for No.2 pencils, will;
cause the demand curve for No. 2 pencils to shift to the right
cause the supply curve for No. 2 pencils to shift to the left
cause the demand curve for ballpoint pens , a substitute for pencils to shift to the left
cause the supply curve for No. 2 pencils to shift to the right
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An increase in the price of roses will;
result in a shift to the right of the supply curve
result in an increase in the quantity demanded of roses
result in a decrease in the quantity demanded of roses
result in a shift to the left of the demand curve
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An increase in the price of oat milk, a substitute for almond milk, will:
decrease the quantity supplied of almond milk
increase the quantity demanded of oat milk
shift the demand curve for oat milk to the right
shift the demand curve for almond milk to the right
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to the law of supply, sellers will be more likely to increase their quantity supplied when
they can sell their goods cheaply
when the selling price increases
when they are the only supplier of a good
when there are lots of suppliers in the market
Answer explanation
More suppliers is likely to result in lower prices. If the seller is the only supplier they are a monopoly and will most likely restrict output to maintain higher prices.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What happens to the market for cheese when the price of milk decreases?
the price of cheese decreases and the equilibrium quantity stays the same
the price of cheese decreases and the quantity of cheese at equilibrium increases, since milk is an ingredient in cheese.
the price of cheese is unrelated to the price of milk
the price of cheese increases
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