Supply
Quiz
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Medium
Erin Haggerty
Used 7+ times
FREE Resource
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Jim and Halik are studying economics and come across a graph in their textbook. The graph shows a downward-sloping line that represents the relationship between price and quantity. What does this curve represent?
supply
equilibrium
demand
surplus
2.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Brianna is analyzing a graph that shows the relationship between the price of apples and the quantity available in the market. What does this curve represent?
demand
supply
equilibrium
shortage
3.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
In a local farmers' market, who determines the SUPPLY of fresh produce?
buyers
sellers
consumers
us
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
In a local farmers' market, which group of people determines the DEMAND for fresh produce?
buyers
sellers
suppliers
store owners
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
How does a shift in supply differ from a shift in demand?
A shift in supply is caused by changes in consumer preferences
A shift in demand is caused by changes in production costs
A shift in supply is caused by factors affecting producers, while a shift in demand is caused by factors affecting consumers
A shift in demand is caused by changes in technology
6.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
When something other than price changes there is a ______________the curve
shift of
slide on
7.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Litzy and Ingrid run a bakery and recently invested in new baking technology that speeds up the production process. What happens to the supply curve for their baked goods?
The supply curve shifts to the left
The supply curve shifts to the right
The supply curve becomes steeper
The supply curve becomes flatter
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