Supply and Demand Quiz

Why do scalpers charge more than the ticket price for a ticket outside the stadium?

• Because the tickets are fake

• Because the stadium is too crowded

• Because they have extra tickets

• Because they want to make a profit

Why does something new always cost more?

• Because it is heavily advertised

• Because it is unpopular

• Because it is old

• Because it is rare

When a new fashion trend becomes a fad, how does it affect the price of the clothes being sold?

• It increases the price

• It has no effect on the price

• It decreases the price

• It stabilises the price

What is likely to happen if a popular video game console is released in limited quantities?

• The price will decrease

• The price will remain unchanged

• The price will increase

• The console will be given away

What is scalping in the context of ticket sales?

• Selling tickets at a lower price

• Selling tickets at the original price

• Giving away tickets for free

• Selling tickets at a higher price

What is equilibrium in supply and demand?

• When there is no supply

• When supply equals demand

• When demand exceeds supply

• When supply exceeds demand

Why do young people pay top dollar for a new iPhone?

• Because it is unpopular

• Because it is new and desirable

• Because it is heavily discounted

• Because it is outdated

What is the effect of advertising on the demand for a new product?

• It increases demand

• It decreases demand

• It has no effect on demand

• It stabilises demand

What is the result of a high demand for a product with limited supply?

• The price increases

• The product becomes free

• The price remains the same

• The price decreases

What is the effect of a fad spreading globally?

• It increases demand

• It decreases demand

• It stabilises demand

• It has no effect on demand