SUPPLY & DEMAND
Quiz
•
Financial Education
•
9th Grade
•
Practice Problem
•
Medium
Lily Daniel
Used 2+ times
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What occurs at market equilibrium?
The quantity demanded equals the quantity supplied.
The government sets the price.
The supply curve is steeper than the demand curve.
There is a surplus of goods in the market.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price is above the equilibrium price, what will happen in the market?
A shortage will occur.
A surplus will occur.
The market will remain in equilibrium.
The government will intervene.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What will happen if the price is set below the equilibrium price?
There will be no change in the market.
There will be a surplus of goods.
There will be a shortage of goods.
The quantity demanded and supplied will be equal.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When demand increases and supply remains constant, what happens to the equilibrium price and quantity?
Price increases and quantity decreases.
Price decreases and quantity increases.
Price increases and quantity increases
Price decreases and quantity stays the same.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is most likely to cause a shift in the supply curve?
A change in consumer income.
A change in the price of related goods.
A change in production technology.
A change in the price of the good itself.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price and quantity when supply decreases and demand remains constant?
Price increases and quantity increases.
Price decreases and quantity stays the same.
Price decreases and quantity increases.
Price increases and quantity decreases.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor is most likely to cause a shift in the demand curve?
A change in the number of suppliers.
A change in consumer preferences.
A change in production technology.
A change in the price of the good itself.
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