Cynthia writes computer programs for mobile phones and has received five job offers in the last week. This is most likely because:

Demand for computer programmers is high

Supply of computer programmers is high

Demand for computer programmers is low

Demand and supply for computer programmers are equal

What does a shift to the right in the supply curve indicate?

An increase in the quantity supplied at every price.

A decrease in the quantity supplied at every price.

If new Jordan shoes are released and the supply cannot keep up with the number of people who want to buy it, what is likely to happen to the price?

The price will increase because the demand is higher than the supply.

The price will decrease because it is a new game.

The price will stay the same because it is popular.

The price will decrease because the game is in high demand.

What happens to the price of a product when the demand increases but the supply remains the same?

There is not enough information to determine.

If the supply of a product exceeds the demand, what is likely to happen to the price of the product?

The price will remain unchanged.

The product will be discontinued.

What does the law of demand state?

As the price of a product increases, the demand for it decreases.

As the price of a product increases, its supply also increases.

As the price of a product decreases, its supply decreases.

As the price of a product decreases, the demand for it remains unchanged.

Which of the following factors can cause a shift in the demand curve for a product?

Change in the price of the product itself.

Change in the price of a substitute product.

What is a surplus in the context of supply and demand?

A situation where the supply of a product exceeds its demand.

A situation where the demand for a product exceeds its supply.

A situation where the price of a product is set too high.

A situation where the price of a product is set too low.

What can cause a movement along the demand curve for a product?

A change in the product's price.

A change in the price of related goods.

A change in consumer preferences.

What is meant by "market equilibrium"?

When the demand for a product is exactly equal to its supply.

When the government sets the price for all goods and services.

When there is a surplus of goods in the market.

When there is a shortage of goods in the market.

What happens when there is a decrease in the supply of a product but demand remains constant?

The price of the product increases.

The price of the product decreases.

The demand for the product decreases.

The demand for the product increases.

What is a price ceiling?

The maximum price a seller is allowed to charge for a product or service, set by the government.

The minimum price a seller is allowed to charge for a product or service, set by the government.

The equilibrium price in a free market.

The highest price consumers are willing to pay for a product.

What is a price floor?

The minimum price a seller is required to charge for a product or service, often set by the government.

The maximum price a seller is allowed to charge for a product or service.

The equilibrium price in a free market.

The lowest price consumers are willing to pay for a product.

Supply and Demand Quiz Review

Authored by Desire Grismore

others

9th - 12th Grade

Used 12+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the removal of some government controls over a business refer to?

Equilibrium

Disequilibrium

Regulation

Deregulation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At which point do the supply and demand curves meet?

Equilibrium

Disequilibrium

Regulation

Deregulation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the government's role in business that affects production?

Equilibrium

Disequilibrium

Regulation

Deregulation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes a price or quantity that does not meet equilibrium; supply and demand do not meet?

Equilibrium

Disequilibrium

Regulation

Deregulation

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What method is typically used for resource allocation in a market system?

Lottery

First Come, First Served

Price

Authority

FILL IN THE BLANKS QUESTION

30 sec • 1 pt

What is a minimum price at which a product can be sold called?

(a)

FILL IN THE BLANKS QUESTION

30 sec • 1 pt

What is a maximum price at which a product can be sold called?

(a)

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Supply and Demand Quiz Review

What does the removal of some government controls over a business refer to?

At which point do the supply and demand curves meet?

What is the government's role in business that affects production?

What term describes a price or quantity that does not meet equilibrium; supply and demand do not meet?

What method is typically used for resource allocation in a market system?

What is a minimum price at which a product can be sold called?

(a)

What is a maximum price at which a product can be sold called?

(a)

Which quantity represents equilibrium on the graph?

Points B and A on the graph represent what?

What do points B and A represent in terms of market conditions?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for others

Supply and Demand Quiz Review

What does the removal of some government controls over a business refer to?

At which point do the supply and demand curves meet?

What is the government's role in business that affects production?

What term describes a price or quantity that does not meet equilibrium; supply and demand do not meet?

What method is typically used for resource allocation in a market system?

What is a minimum price at which a product can be sold called? (a)

What is a maximum price at which a product can be sold called? (a)

Which quantity represents equilibrium on the graph?

Points B and A on the graph represent what?

What do points B and A represent in terms of market conditions?

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for others

What is a minimum price at which a product can be sold called?

(a)

What is a maximum price at which a product can be sold called?

(a)