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WorksheetsSupply Equilibrium Price
Total questions: 28
Worksheet time: 14mins
Federal minimum wage laws change, causing Chipotle’s labor costs to rise. What will happen to the market for burritos?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
Widespread prosperity allows people to buy more jelly beans. What will happen to the market for jelly beans?
Supply shift left
Supply shift right
Demand shift left
Demand shift right
A panel of doctors announces that coffee may help cure migraine headaches. What will happen to the market for coffee?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
The government places a tax on rubber. What will happen to the market for car tires?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
A new taco shop opens in Marshall. What will happen to the supply of Tacos in Marshall?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
The price of Snickers candy bars increases. What will happen to the market for Milky Ways?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
The price for Coca Cola, a substitute for Pepsi, decreases. What will happen to the market for Pepsi?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
The price of cream, a complementary good for coffee, decreases. What will happen to the market for coffee?
Supply will shift left
Supply will shift right
Demand will shift left
Demand will shift right
The Law of Demand states that...
As prices increase, quantity demanded decreases and vice versa
As prices increase, quantity demanded increases
As prices increase, quantity supplied increases
As prices decrease, quantity supplied decreases
The Law of Supply states that...
As prices increase, quantity demanded decreases.
As prices increase, quantity supplied decreases; as prices decrease, quantity supplied increases.
As prices increase, quantity supplied increases; as prices decrease, quantity supplied decreases.
As supply increases, demand decreases.
Is this an elastic or inelastic demand curve?
Inelastic
Elastic
Is this an elastic or inelastic demand curve?
Inelastic
Elastic
When demand for a good is elastic, it is most likely to have...
No complementary goods
No substitutes
Many subsitutes
Many complementary goods
A shift in the demand curve means that
there is always an increase in prices.
there is a change in quantity demanded at every price.
there is always a decrease in both price and quantity demanded.
there is always an increase in quantity demanded.
Which of the following pairs best represent substitute goods?
DVD's and DVD Players
Diet Sunkist and Diet Crush
Hot dogs and hot dog buns
Fruit roll ups and diet Coke
When the selling price of a good goes down, what happens to the quantity supplied?
It increases.
It does not change.
It decreases.
It increases the cost of production.
After Eminem records his new hit “Econ Girl, You So Fine,” taking economics becomes the latest fad. What will happen to the market for econ books?
Excessive hours of studying economics has been shown to cause cancer in lab rats. What will happen to the market for econ books?
Due to forest fires out west, paper prices have skyrocketed. What will happen to the market for econ books?
Teacher’s Curriculum Institute, the manufacturer of our economics book, decides to raise its prices. What will happen to the market for economics books?
After repeated requests from Nicki Minaj, engineers develop a machine that can make fake hair three times faster than before. How will this change in technology affect the market for fake hair?
In the graph provided, the equilibrium price and quantity
for milk in this market is:
$1.50 and 28 million gallons
$1.50 and 30 million gallons
$2.00 and 20 million gallons
$1.00 and 35 million gallons
If the demand curve stays the same and the supply curve shifts right, what will happen to equilibrium price and quantity?
E. price goes up, E. quantity goes down
E. price goes down, E. quantity goes up
E. price goes up, E. quantity goes up
E. price goes down, E. quantity goes up
If the demand curve stays the same and the supply curve shifts left, what will happen to equilibrium price and quantity?
E. price goes up, E. quantity goes up
E. price goes down, E. quantity goes up
E. price goes up, E. quantity goes down
E. price goes down, E. quantity goes down
If the supply curve stays the same and the demand curve shifts right, what will happen to equilibrium price and quantity?
E. price goes down, E. quantity goes up
E. price goes down, E. Quantity goes down
E. price goes up, E. quantity goes down
E. price goes up, E. quantity goes up
If the supply curve stays the same and the demand curve shifts left, what will happen to equilibrium price and quantity?
E. price goes down, E. quantity goes down
E. price goes down, E. quantity goes up
E. price goes up, E. quantity goes down
E. price goes up, E. quantity goes up
A price ceiling usually results in a...
surplus
shortage
equilibrium
stock market
A price floor usually results in a...
surplus
shortage
rationing
equilibrium
