Prices, Supply, & Demand Practice Quiz

Read the passage and answer the question.

• Graph A
• Graph B
• Graph C
• Graph D

Read the passage and answer the question.

• She can increase the quantity demanded for her meals by raising their price.
• She can convince customers to pay more for her meals by increasing the supply of barbecue.
• She can increase the quantity demanded for her meals by lowering their price.
• She can convince customers to buy more of her meals by increasing the supply of barbecue.

Read the passage and answer the question.

• She can increase demand for dresses by raising the dress prices.
• She can increase demand for dresses by lowering the dress prices.
• She can convince customers to pay more for dresses by increasing the supply of dresses.
• She can convince customers to buy more dresses by increasing the supply of dresses.

A Playstation 5 can be obtained for $409.99.

• Price
• Theory of Price
• Law of Supply
• Law of Demand
• Elasticity

As consumers' incomes increase, so does their demand for luxury items, such as designer accessories. As their incomes decrease, so does the demand for the same luxury items.

• Elasticity
• Price
• Theory of Price
• Law of Supply
• Law of Demand

A local coffee shop has found $1.25 for a cup of coffee to be the price point at which the quantity supplied equals the quantity demanded.

• Equilibrium Price
• Price
• Theory of Price
• Law of Supply
• Law of Demand

The federal minimum wage is $7.25.

• Price Floor
• Price
• Theory of Price
• Law of Supply
• Law of Demand

A medium pizza is $10.00, but you earn $20 an hour. You spent half of your hourly pay on a pizza.

• Relative Price
• Price
• Theory of Price
• Law of Supply
• Law of Demand

TRUE or FALSE: As Price increases, Quantity Supplied decreases.

• True
• False

TRUE or FALSE: As Price decreases, Quantity Demanded increases.

• True
• False