
Market Equilibrium and Supply
Quiz
•
Other
•
10th - 12th Grade
•
Practice Problem
•
Easy
zenobia Azfar
Used 2+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is market equilibrium?
The point where demand exceeds supply
The point where supply equals demand at a specific price
The price set by the government for essential goods
The quantity of goods sellers want to sell at any price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of market equilibrium?
The government setting a minimum price for dates
Sellers reducing prices to increase demand
Buyers purchasing dates at AED 20 per kg, matching seller expectations
Sellers refusing to sell below AED 25 per kg
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is NOT a determinant of demand?
Consumer income
Cost of production
Future expectations
Population size
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can subsidies impact supply?
Increase the supply of a product
Decrease the cost of production for buyers
Reduce the need for related goods
Increase the cost of production
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price ceiling leads to:
A shortage if the ceiling is below equilibrium
A surplus if the ceiling is above equilibrium
Equal demand and supply at any price
Unchanged market conditions
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An example of a price floor is:
A government-mandated maximum price for essential medicines
Subsidized prices for solar panels
A minimum price set for Emirati-grown dates
Quantity limits on fish caught in UAE waters
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a product's demand is elastic:
A small price increase leads to a significant decrease in demand
A price increase has no impact on demand
Demand remains constant regardless of price changes
Total revenue increases when prices increase
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