
DEMAND, SUPPLY AND MARKET EQUILIBRIUM
Authored by JAYPEE BIGNO
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
According to the Law of Demand, when the price of a good increases (ceteris paribus):
Quantity demanded increases
Quantity demanded decreases
Demand curve shifts to the right
Demand curve shifts to the left
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the general supply function, which variable has an inverse relationship with quantity supplied?
Price of the good (P)
Number of firms producing (F)
Input prices (PI)
Technological advances (T)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Market equilibrium occurs when:
Quantity demanded > Quantity supplied
Quantity demanded = Quantity supplied
Supply curve shifts right
Demand curve shifts left
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of an inferior good?
Organic vegetables
Bus transportation for a person who just bought a car
High-end smartphones
Luxury cars
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a substitute good increases, what happens to the demand for the original good?
It increases
It decreases
No change
It becomes perfectly elastic
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The direct demand function shows the relationship between price and quantity demanded, holding other factors constant.
TRUE
FALSE
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The general demand function includes variables such as price of related goods, income, and expected future prices.
FALSE
TRUE
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