Demand, Supply, and Equilibrium
Quiz
•
Education
•
11th Grade
•
Practice Problem
•
Hard
Ricca Magpayo
Used 1+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
It states that as the price increases, the quantity demanded decreases.
Demand
Law of Demand
Supply
Law of Supply
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does graph of Supply Curve represent?
Increases
Decreases
Remain the same
None of the Above
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The condition when quantity demanded is equal to quantity supplied.
Demand
Supply
Market Equilibrium
Law of Supply and Demand
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does this curve represent?
Supply
Demand
Equilibrium
Surplus
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
As prices rise, sellers will offer more goods and services for sale.
Supply
Demand
Change in supply
Law of Supply
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The Supply Curve is upward-sloping because...
As the price increases, so do costs
As the price increases, consumers demand less.
As price increases, suppliers can earn higher profits or justify higher marginal costs to produce more.
None of the above
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A shortage of a good is often a signal for a producer to
lower the production of that good
raise the prices of that good
lower the prices of that good
shift production to another good
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