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WorksheetsSupply and Demand Quiz
Total questions: 10
Worksheet time: 5mins
What does the supply and demand model primarily determine in a market?
Government regulations
Market monopolies
Price determination
Consumer preferences
In a perfectly competitive market, what is achieved when the quantity demanded equals the quantity supplied?
Surplus
Price ceiling
Economic equilibrium
Market failure
What happens to the supply curve when production costs decrease?
It shifts to the right
It becomes vertical
It remains unchanged
It shifts to the left
According to the law of demand, how does the demand curve generally slope?
Upward
Downward
Vertical
Horizontal
What is a common determinant of supply?
Tastes and preferences
Prices of inputs
Consumer income
Advertising
What is the term for a situation where the price is such that the quantity demanded is balanced by the quantity supplied?
Market shortage
Market inefficiency
Market equilibrium
Market surplus
What type of goods may see an increase in quantity demanded when the price rises?
Luxury goods
Giffen goods
Normal goods
Substitute goods
Who first introduced the graphical representation of supply and demand curves?
David Ricardo
Alfred Marshall
Fleeming Jenkin
Adam Smith
What is the effect of a rightward shift in the demand curve?
Increases equilibrium price
Decreases quantity supplied
No effect on equilibrium price
Decreases equilibrium price
What is the primary focus of partial equilibrium analysis?
The entire economy
A specific market
Government policies
Global trade
