
Advanced Understanding Supply & Demand
Authored by Van CHAU
Business
University
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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the law of demand state?
What does the law of demand state?
As the price of a good increases, the quantity demanded decreases.
As the price of a good increases, the quantity demanded increases.
As the price of a good decreases, the quantity supplied decreases.
As the price of a good decreases, the quantity supplied increases.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price if the demand for a good increases while the supply remains constant?
What happens to the equilibrium price if the demand for a good increases while the supply remains constant?
It decreases.
It remains unchanged.
It increases.
It becomes unpredictable.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a factor that can cause a shift in the supply curve?
Which of the following is a factor that can cause a shift in the supply curve?
Changes in consumer income
Changes in the price of related goods
Changes in production technology
Changes in consumer preferences
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a price floor is set above the equilibrium price, what is the likely outcome?
If a price floor is set above the equilibrium price, what is the likely outcome?
A surplus of the good
A shortage of the good
No effect on the market
An increase in equilibrium quantity
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following factors would cause a rightward shift in the demand curve?
Which of the following factors would cause a rightward shift in the demand curve?
An increase in the price of a substitute good
A decrease in the price of a complementary good
A decrease in consumer income (for a normal good)
A decrease in consumer preferences for the good
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause the supply curve to shift to the left?
Which of the following would cause the supply curve to shift to the left?
A decrease in the price of raw materials
An increase in labor productivity
An increase in the cost of production
An improvement in technology
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in the price of a complement good will likely result in:
An increase in the price of a complement good will likely result in:
A decrease in the demand for the original good
An increase in the demand for the original good
A decrease in the supply of the original good
An increase in the equilibrium price of the original good
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