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Equilibrium

Authored by Michael Doyle

Financial Education

12th Grade

Equilibrium
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of demand for a good or service?

The quantity of the good or service producers are willing to sell at each price

The quantity of the good or service consumers are willing and able to buy at each of a range of prices

The quantity of the good or service that is imported from other countries

The quantity of the good or service that is available in the market

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state?

As price decreases, quantity demanded decreases

As price increases, quantity demanded decreases

As price decreases, quantity demanded increases

As price increases, quantity demanded increases

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the demand curve when there is an increase in demand?

It shifts left

It becomes flatter

It becomes steeper

It shifts right

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main determinant of supply for a good or service?

Market demand

Consumer preferences

Producer costs of production

Government regulations

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply?

As price increases, quantity supplied increases

As price decreases, quantity supplied decreases

As price decreases, quantity supplied increases

As price increases, quantity supplied decreases

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the supply curve when there is a decrease in supply?

It shifts right

It shifts left

It becomes flatter

It becomes steeper

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium price in a market?

The price at which there is no demand for the product

The price at which quantity demanded equals quantity supplied

The price at which quantity supplied exceeds quantity demanded

The price at which quantity demanded exceeds quantity supplied

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