What are the determinants of supply?

B. Technology, input prices, and expectations.

A. Consumer preferences, prices of related goods, and expectations.

C. Consumer income, consumer preferences, and advertising.

D. Market trends, consumer behavior, and government policies.

What is a change in quantity supplied?

B. A movement along the supply curve due to a change in the price of the good itself.

A. A shift of the entire supply curve.

C. A shift of the demand curve.

D. A change in the overall supply for all goods.

What is elastic supply?

C. When price and quantity supplied are unrelated.

D. When supply is constant regardless of price changes.

What is inelastic supply?

C. When price and quantity supplied are unrelated.

D. When supply is constant regardless of price changes.

What is the major determinant of supply elasticity?

C. The ease at which a producer can switch or increase their production

What is the equilibrium price?

C. The price at which the quantity demanded equals the quantity supplied.

A. The price at which the quantity demanded exceeds the quantity supplied.

B. The price at which the quantity supplied exceeds the quantity demanded.

D. The price at which market competition is eliminated.

What occurs at the equilibrium price?

A. Shortages and surpluses are eliminated.

C. Government intervention is required.

D. Consumer preferences dominate.

What does the interaction of supply and demand determine in a market economy?

B. Prices and quantities of goods and services

When there is an increase in the supply, what happens to the equilibrium price?

D. It fluctuates unpredictably.

When there is an increase in the demand, what happens to the equilibrium price?

D. It fluctuates unpredictably.

When there is a decrease in the supply, what happens to the equilibrium price?

D. It fluctuates unpredictably.

When there is a decrease in the demand, what happens to the equilibrium price?

D. It fluctuates unpredictably.

In terms of quantity demanded and quantity supplied, what is a shortage?

A. Quantity demanded is higher than the quantity supplied.

B. Quantity supplied is higher than the quantity demanded.

C. Quantity demanded and quantity supplied are equal.

In terms of quantity demanded and quantity supplied, what is a surplus?

B. Quantity supplied is higher than the quantity demanded.

A. Quantity demanded is higher than the quantity supplied.

C. Quantity demanded and quantity supplied are equal.

What is a free market or capitalism?

B. An economic system where prices for goods and services are determined by the open market and consumers.

A. An economic system where prices are determined by government regulations.

C. An economic system where all businesses are publicly owned.

B. A single seller who controls the entire market for a particular good or service.

A. Multiple sellers in a market for a particular good or service.

C. Many buyers and sellers in a competitive market.

D. Government regulation of market prices.

What happens to price when there is increased competition in a market?

D. Prices fluctuate unpredictably.

What happens to price when there is decreased competition in a market?

D. Prices fluctuate unpredictably.

How does an increase in competition impact the quality and variety of goods and services?

B. Increases quality and variety.

A. Decreases quality and variety.

C. Has no impact on quality and variety.

D. Makes quality and variety unpredictable.

How does a decrease in competition impact the quality and variety of goods and services?

B. Decreases quality and variety.

A. Increases quality and variety.

C. Has no impact on quality and variety.

D. Makes quality and variety unpredictable.

How does an increase in competition impact profits for businesses?

B. Reduces profits due to lower prices and investment in quality improvements.

A. Increases profits due to higher prices.

D. Makes profits unpredictable.

How does a decrease in competition impact profits for businesses?

B. Increases profits due to higher prices and lower pressure to innovate.

A. Reduces profits due to lower prices.

D. Makes profits unpredictable.

Which of the following best describes the relationship between markets and innovators?

B. Individuals choose what to purchase and buy more innovative products that meet their needs.

A. Markets decide who is the best innovator ahead of time.

C. Innovators control the market and decide what products to sell.

D. Government regulations determine the success of innovators.

Which of the following is MOST accurate about markets?

Markets are capable of coordinating the varying needs and desires of people across countries and continents.

Markets are only good at coordinating the supply and demand of physical goods and services.

Markets function best when directed by central planners.

Markets function best when innovators ask for permission before introducing new goods and services.

When will people search harder for substitutes for oil?

people are not incentivized to search for substitutes for oil

when the price of oil stays the same

The price of bagels increases. What happens to the demand curve of cream cheese?

demand curve does not shift, but rather there is movement along the demand curve

The supply curve shows how much producers will produce ___.

given different organizational structures

When will suppliers be incentivized to provide more oil?

suppliers are not incentivized to provide more oil

when the price of oil is stable

Imposing a tax on a market will cause the supply curve in that market to _______.

Stay the same but quantity supplied increases

Stay the same but quantity supplied decreases

Suppose a new technology in farming means that growing wheat requires less fertilizer. This will cause the supply curve for wheat to _________.

Stay the same but quantity supplied increases

Stay the same but quantity supplied decreases

If the government loosens restrictions on foreign doctors practicing medicine in the United States, which description below best predicts what will happen to the healthcare market?

The supply curve shifts to the right which leads to a lower equilibrium price and higher equilibrium quantity.

The supply curve shifts to the left which leads to a higher equilibrium price and lower equilibrium quantity.

The demand curve shifts to the right which leads to a higher equilibrium price and higher equilibrium quantity.

The demand curve shifts to the left which leads to a lower equilibrium price and lower equilibrium quantity.

Which of the following is a likely consequence of implementing an effective price ceiling?

c. An increase in quality products

d. A decrease in non-price competition

Which of the following is true about the deadweight loss created by a price ceiling?

d. The deadweight loss represents the lost value of transactions that don’t occur due to the established maximum price.

a. The deadweight loss represents the extra transactions that occur due to a subsidy.

b. The deadweight loss refers to the dead bodies that crop up due to black market transactions for price controlled goods.

c. The deadweight loss refers to the time producers lose because they overinvest in product quality.

Which of the following is TRUE about how a price ceiling impacts a market?

c. An effective price ceiling increases the quantity demanded.

a. An effective price ceiling decreases the quantity demanded.

b. An effective price ceiling increases the quantity supplied.

d. An effective price ceiling does not impact the quantity supplied.

Unit 2: Microecomonics (Supply & Demand)

Authored by Doug Nelson

Social Studies

12th Grade

Unit 2: Microecomonics (Supply & Demand)

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When there is an increase in demand, what direction does the demand curve shift?

To the right

To the left

Upward

Downward

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a change in quantity demanded?

A shift of the entire demand curve.

A movement along the demand curve due to a change in the price of the good itself.

A shift of the supply curve.

A change in the overall demand for all goods.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is elastic demand?

When a large change in price leads to a small change in quantity demanded.

When a small change in price leads to a large change in quantity demanded.

When price and quantity demanded are unrelated.

When demand is constant regardless of price changes.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is inelastic demand?

When a large change in price leads to a small change in quantity demanded.

When a small change in price leads to a large change in quantity demanded.

When price and quantity demanded are unrelated.

When demand is constant regardless of price changes.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the three determinants of an elastic product?

Evaluate responses using AI:

OFF

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a supply curve?

A graph showing the relationship between the price of a good and the quantity supplied.

A graph showing the relationship between the price of a good and the quantity demanded.

A graph showing the relationship between supply and technological advancements.

A graph showing consumer preferences and income levels.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of supply?

As the price of a good decreases, the quantity supplied increases.

As the price of a good increases, the quantity supplied increases, and as the price decreases, the quantity supplied decreases.

There is no relationship between price and quantity supplied.

As the price of a good increases, the quantity supplied decreases.

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Unit 2: Microecomonics (Supply & Demand)

When there is an increase in demand, what direction does the demand curve shift?

What is a change in quantity demanded?

What is elastic demand?

What is inelastic demand?

What are the three determinants of an elastic product?

What is a supply curve?

What is the law of supply?

What are the determinants of supply?

When there is a decrease in supply, what direction does the supply curve shift?

When there is an increase in supply, what direction does the supply curve shift?

Access all questions and much more by creating a free account

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