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Worksheetsdemand
Total questions: 22
Worksheet time: 13mins
What determines the prices of goods and services?
Supply
Demand
Supply and demand
Goods
What exists when quantity supplied is greater than quantity demanded?
Surplus
Shortage
Overflow
Mass outrage
A market is said to be in equilibrium when
when demand is higher than the supply
when demand is lower than the supply
when the demand and supply quantities are equal
when the supply is doubled the demand
the price at which a good is bought and sold in a market equilibrium is called
retail price
equilibrium price
discount price
base price
What happens to price when the market has a surplus
price drops
price stays the same
price increases
price triples
What will happen to the price of corn if almost no rain falls on corn crops?
The price will increase
The price will decrease
What will happen to the price of teddy bears if puppy dogs become the most popular stuffed toy?
The price will increase
The price will decrease
When the demand curve shifts to the left, this suggests demand has
increased
decreased
Quantity demanded has increased
Quantity demanded has decreased
When price increases, quantity demanded
increases
decreases
supply would decreases, not quantity supplied
supply would increase, not quantity supplied
Which of the following would be considered variable costs?
Raw materials
Electricity
Part-time workers
All of the above
