Supply and Demand
Quiz
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Other
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University
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Practice Problem
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Hard
Lubov Zharova
Used 7+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A curve indicating the quantities that buyers are willing to purchase at various prices is known as a ___________ curve.
demand
supply
budget constraint
upwardslopping
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
There are ten restaurants in your town. On a given night, each restaurant has the ability to produce up to twenty full course dinners at a price of $20 each. What is the total market supply of full course dinners tonight, at a price of $20?
20
200
400
4000
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The demand curve for a good shows the same information as the demand schedule
true
false
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Assume that sofas and arm chairs are substitute goods. The graph shown above illustrates the demand curve for sofas. Which of the following events could have triggered the shift in demand from D1 to D2?
The price of sofas increased
The price of armchairs increased
The price of sofas decreased
The price of armchairs decreased
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is an example of movement along a supply curve?
quantity of apples offered for sale increases as the price of apples rises
price of pears doubles, increasing demand for apples
price of fertilizer increases, making it more expensive to produce apples
thanks to good weather conditions, apple growers enjoy a bumper crop
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is not an example of a “nonprice determinant of supply” of handmade rugs?
Available technology for making rugs
The price of looms for weaving rugs
Number of rug producers
Price of handmade rugs
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which one of the following would be most likely to increase (shift to the right) the demand for public transportation?
Increasing the frequency of bus stops
Higher gasoline prices
Lower fares for bus tickets
Lower automobile prices
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