Supply and Demand Quiz
Authored by Agbonwaneten Queen
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the supply and demand model primarily determine in a market?
Government regulations
Market monopolies
Price determination
Consumer preferences
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a perfectly competitive market, what is achieved when the quantity demanded equals the quantity supplied?
Surplus
Price ceiling
Economic equilibrium
Market failure
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the supply curve when production costs decrease?
It shifts to the right
It becomes vertical
It remains unchanged
It shifts to the left
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the law of demand, how does the demand curve generally slope?
Upward
Downward
Vertical
Horizontal
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common determinant of supply?
Tastes and preferences
Prices of inputs
Consumer income
Advertising
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for a situation where the price is such that the quantity demanded is balanced by the quantity supplied?
Market shortage
Market inefficiency
Market equilibrium
Market surplus
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of goods may see an increase in quantity demanded when the price rises?
Luxury goods
Giffen goods
Normal goods
Substitute goods
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