Demand and Supply

Demand and Supply

4th Grade

10 Qs

quiz-placeholder

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Demand and Supply

Demand and Supply

Assessment

Quiz

Physics

4th Grade

Practice Problem

Hard

Created by

Ramon Sanez

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is demand?

Demand is the quantity of a good or service that consumers are unwilling to purchase

Demand is the quantity of a good or service that consumers are willing and able to purchase at a given price and time.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is supply?

The price of a specific good or service

Total amount of a specific good or service available to consumers.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the law of demand.

The law of demand states that as the price of a good or service increases, the quantity demanded decreases, and vice versa.

The law of demand states that as the price of a good or service increases, the quantity demanded increases.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the law of supply.

The law of supply only applies to services, not physical goods.

The law of supply describes the relationship between price and the quantity of a good supplied in a market.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equilibrium price?

The equilibrium price is the price at which the quantity demanded equals the quantity supplied.

The equilibrium price is the price at which there is no demand or supply.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does an increase in demand affect price and quantity?

Price and quantity both increase.

Price decreases while quantity increases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a decrease in supply affect price and quantity?

Price decreases, quantity increases

Price increases, quantity decreases

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