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Understanding Supply and Demand Concepts

Authored by Antonio Hernandez

History

12th Grade

Used 28+ times

Understanding Supply and Demand Concepts
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of supply state?

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

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

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

The quantity supplied is independent of the price.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the law of demand state?

As the price of a good increases, the quantity demanded increases.

As the price of a good decreases, the quantity demanded decreases.

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

The quantity demanded is independent of the price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is market equilibrium?

The point where supply exceeds demand.

The point where demand exceeds supply.

The point where supply equals demand.

The point where price is at its maximum.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the demand curve shifts to the right, what is likely to happen to the equilibrium price and quantity?

Both equilibrium price and quantity will decrease.

Equilibrium price will increase, and equilibrium quantity will decrease.

Equilibrium price will decrease, and equilibrium quantity will increase.

Both equilibrium price and quantity will increase.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following could cause a leftward shift in the supply curve?

A decrease in production costs.

An improvement in technology.

An increase in the number of suppliers.

An increase in the cost of raw materials.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a market is in equilibrium and there is a sudden increase in demand, what is likely to happen initially?

A surplus will occur.

A shortage will occur.

The price will decrease.

The quantity supplied will decrease.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a graphical representation of the law of demand?

A downward-sloping curve.

An upward-sloping curve.

A vertical line.

A horizontal line.

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