
Test: Supply & Demand
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following graphs illustrates a simultaneous increase in demand and supply where it is unknown if price increased or decreased?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are necessary things to include when drawing a market graph EXCEPT
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose the minimum wage is a price floor. When it is set above the equilibrium point,
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When people have more money, they tend to purchase
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of supply states that
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Consider the graph to the right. Why might equilibrium have changed from point A to point B?
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price elasticity of demand measures
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