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Economics: Supply an Demand

Authored by Wayground Content

Social Studies

9th - 12th Grade

Used 18+ times

Economics: Supply an Demand
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What is the Equilibrium Price?

1
2
3
4

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the quantity supplied when the price of a good decreases?

It increases

It decreases

It remains the same

It becomes zero

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

Which of the following would not shift the supply curve for iphones?

an increase in the price of iphones
a decrease in the number of sellers of iphone
an increase in the price of plastic, an input into the production of iphones
an improvement in the technology used to produce iphones

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor would cause a shift in the demand curve for smartphones?

A decrease in the price of smartphones

An increase in consumer income

A decrease in the number of smartphone manufacturers

An improvement in smartphone technology

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Media Image

The movement from Point A to Point B represents a(n)

increase in the price.
decrease in the quantity supplied.
shift in the supply curve.
Both Orange and Blue are correct.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following factors would cause a movement along the supply curve for electric cars?

A change in the price of electric cars

An increase in the number of electric car manufacturers

An improvement in battery technology

A decrease in consumer income

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At equilibrium price:

Quantity supplied = quantity demanded

Price increases to soak up excess demand

Price decreases to soak up excess supply

Demand increases in response to the price of related goods

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