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WorksheetsStandard 2 Certification Quiz: What is the "right" price?
Total questions: 40
Worksheet time: 20mins
Which best represents the "law of demand"?
the desire to own something and the ability to pay for it
when price goes up quantity demanded goes down
when price goes up quantity supplied goes up
when price goes down quantity demanded goes down
This image represents:
An increase in quantity demanded
A demand schedule
The law of demand
The law of supply
This image best represents:
An increase in demand
A decrease in demand
A decrease in quantity demanded
An increase in quantity demanded
This image best represents a:
demand schedule
demand curve
supply schedule
supply curve
The "quantity demanded by all consumers in a market" is known as the:
Individual demand
Market demand
Market supply
Supply and demand
According to the law of demand, the relationship between "price" and "quantity demanded" is:
Inverse
Direct
Not correlated
This graph represents a(n):
Increase in demand
Decrease in demand
Increase in quantity demanded
Decrease in quantity demanded
A determinant of the change seen here could be:
An increase in income
A decrease in the price of a substitute good
An increase in population
A new viral ad campaign for the good
An observer of this graph would say that it represents a(n):
Increase in demand
Decrease in demand
Increase in quantity demanded
Decrease in quantity
A cause for the change seen in this curve would be:
An increase in the price of the good
An increasing population
An increase in the price of a complementary good
A decrease in quantity demanded
The movement seen in this curve would best be described as:
An increase in price led to a decrease in demand
An increase in price led to a decrease in quantity demanded
A decrease in price led to an increase in demand
A decrease in price led to an increase in quantity demanded
Which best represents the "law of supply"?
The amount of goods available
Producers offer more of a good at a higher price
Producers offer more of a good at a lower price
Consumers want more of a good when the price is low
This image represents:
The law of demand
The law of supply
A supply schedule
An increase in quantity demanded
This image represents a(n):
supply schedule
demand schedule
demand curve
supply curve
Why does quantity supplied increase as price rises?
Existing firms produce more AND new firms enter the market
Existing firms produce less AND firms exit the market
The supply curve shifts to the left
Existing firms produce less AND new firms enter the market
According to the law of supply, the relationship between price and quantity supplied is:
Direct
Inverse
Not correlated
This graph represents a(n):
Increase in quantity supplied
Increase in supply
Decrease in quantity supplied
Increase in quantity demanded
The movement seen in this curve would best be described as:
An increase in price led to increased quantity supplied
An increase in price led to a decrease in quantity demanded
A decrease in price led to an increase in quantity demanded
A decrease in price led to decreased quantity supplied
An observer of this graph would say that it represents a(n):
Decrease in supply
Decrease in quantity supplied
Increase in demand
Increase in quantity supplied
A cause, or determinant, of the change seen in this graph would be:
An increase in the cost of cocoa beans used in making chocolate
Government subsidies that make production cheaper
Using more efficient, automated machinery to reduce production costs
An increase in the number of suppliers (competitors)
An observer of this graph would say that it represents a(n):
Increase in supply
Decrease in supply
Decrease in quantity supplied
Increase in quantity supplied
How would you describe the relationship of supply and demand at this price?
Demand exceeds supply
Supply exceeds demand
Supply equals demand
Demand equals supply
An observer of the graph would call this a(n):
Shortage
Surplus
Equilibrium price
Demand equals supply
At this price:
Low prices encourage buyers but discourage sellers
High prices encourage sellers but discourage buyers
The market is stable
Buyers can find goods at equilibrium price
To return to equilibrium, price would need to:
Increase
Decrease
Stay the same
Shift demand curve
Which description best describes the information in this graph at this price?
Supply exceeds demand
Demand exceeds supply
Qd = Qs
Qs = Qd
An observer of this graph would call this a(n):
Surplus
Shortage
Qd = Qs
Shift in supply
At this price:
High prices encourage producers but discourage buyers
Low prices encourage buyers but discourage sellers
Market for a good is stable
Sellers can find buyers for their goods
To return to equilibrium, price would need to:
Decrease
Increase
Remain the same
Shift in supply
The situation graphed here would be called:
Equilibrium price
Shortage
Surplus
Oaken's Trading Post
At equilibrium price:
Quantity supplied = quantity demanded
Price increases to soak up excess demand
Price decreases to soak up excess supply
Demand increases in response to the price of related goods
According to this schedule, the equilibrium price for pizza is:
$3
$2
$1
$6
At $1 there is a(n):
Shortage
Surplus
Equilibrium
Overload
Every price higher than $3 would represent a(n):
Surplus
Shortage
Equilibrium price
Input cost
P1 on this graph represents a(n):
Price ceiling
Price floor
Equilibrium price
Surplus
At this price (P1) for this good would represent a(n):
Shortage
Surplus
Equilibrium price
Minimum wage
An example of a price ceiling would be:
Rent control
Minimum wage
Government subsidies for crops
Market rate for a cup of coffee
In this example, price P1 would represent a(n):
Price floor
Price ceiling
Equilibrium price
Rent Control
At this price (P1) for this good would represent a(n):
Surplus
Shortage
Equilibrium price
Market rate
An example of a price floor would be:
Minimum wage
Shortage
Equilibrium price
Rent Control
