
Economics Movements of S and D Curves
Authored by Satwinder Kaur-Hender
Other
9th Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some factors that can affect demand for a product?
Changes in consumer income, price of related goods, consumer preferences, and population demographics
Political stability
Weather conditions
Technological advancements
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the law of demand and how it affects the demand curve.
The law of demand affects the supply curve, not the demand curve.
The law of demand affects the demand curve by showing a negative relationship between price and quantity demanded, resulting in a downward sloping demand curve.
The law of demand has no effect on the demand curve, as price and quantity demanded are unrelated.
The law of demand affects the demand curve by showing a positive relationship between price and quantity demanded, resulting in an upward sloping demand curve.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are some factors that can affect the supply of a product?
Changes in consumer preferences
Currency exchange rates
Weather conditions
Changes in production costs, technology, government policies, and the number of suppliers in the market.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describe the concept of market equilibrium and how it is represented on the supply and demand graph.
Market equilibrium is the point where the quantity demanded by consumers is equal to the quantity supplied by producers. On the supply and demand graph, it is represented by the intersection of the supply and demand curves.
Market equilibrium is represented by the supply curve only
Market equilibrium is when the quantity demanded is greater than the quantity supplied
Market equilibrium is the point where the demand curve intersects with the price axis
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price and quantity when there is an increase in demand?
Price decreases, quantity increases
Price increases, quantity decreases
Both increase
Price and quantity remain the same
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a change in the price of a complementary good affect the demand for a product?
The demand for the product will not be affected by the price of the complementary good
The demand for the product will decrease if the price of the complementary good decreases
The demand for the product will increase if the price of the complementary good decreases, and vice versa.
The demand for the product will increase if the price of the complementary good increases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the concept of a shift in the demand curve and provide an example of a factor that can cause such a shift.
Changes in government policy
Weather conditions
Changes in consumer income
Technological advancements
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