Demand and Supply Quiz

Demand and Supply Quiz

University

10 Qs

quiz-placeholder

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Demand and Supply Quiz

Demand and Supply Quiz

Assessment

Quiz

Business

University

Medium

Created by

alberta henyo

Used 10+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state?

Higher price leads to higher quantity demanded

Higher price leads to lower quantity demanded

Demand is unaffected by price

Price and quantity demanded always increase together

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is represented by a demand curve?

The relationship between supply and demand

The quantity demanded at various price levels

The equilibrium price of a good

The production cost of goods

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a factor causing a shift in the demand curve?

Changes in income

Changes in consumer preferences

Changes in the price of the good itself

Changes in the price of substitutes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of complementary goods?

Coca-Cola and Pepsi

iPhones and phone cases

Corn and wheat

Coffee and tea

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the supply of a good when the price increases, according to the law of supply?

It decreases

It remains constant

It increases

It fluctuates randomly

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What could cause a shift in the supply curve?

Change in price of the good

Change in the number of suppliers

Consumer confidence

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the point where demand equals supply in a market?

Demand curve

Market mechanism

Equilibrium

Elasticity

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