
Understanding Supply and Demand
Authored by Omer Seid
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9th Grade

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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
What is the law of demand?
As the price of a good decreases, the quantity demanded increases.
Demand remains constant regardless of price changes.
As the price of a good increases, the quantity demanded decreases.
The law of demand states that quantity supplied increases as price decreases.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an increase in price affect demand?
Demand remains unchanged regardless of price changes.
An increase in price generally leads to a decrease in demand.
An increase in price leads to an increase in demand.
Higher prices attract more consumers to the product.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the law of supply?
The law of supply indicates that price and quantity supplied are directly related.
The law of supply indicates that higher prices lead to lower quantity supplied.
The law of supply suggests that supply is constant regardless of price changes.
The law of supply states that price and quantity supplied are inversely related.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a decrease in production costs affect supply?
An increase in supply.
A decrease in supply.
An increase in production costs.
No change in supply.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is market equilibrium?
Market equilibrium is when supply exceeds demand.
Market equilibrium is the point where supply equals demand.
Market equilibrium occurs when prices are set by government regulations.
Market equilibrium is the point where demand exceeds supply.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when there is a surplus in the market?
Sellers hold prices steady regardless of surplus.
Prices tend to decrease as sellers lower prices to eliminate the surplus.
Surplus leads to higher production costs.
Prices increase as demand rises.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a shortage in economic terms?
A shortage occurs when supply exceeds demand at a given price.
A shortage is when demand exceeds supply at a given price.
A shortage is when there is an equal amount of supply and demand.
A shortage refers to a situation where prices are too high for consumers.
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