WorksheetsChapter 4: The Market Forces of Supply and Demand
Total questions: 11
Worksheet time: 6mins
The forces that make market economies work are
price and quality.
price ceiling and floor.
supply and demand.
taxes and policies.
The quantity demanded of a good is the amount of good that buyers are
able to purchase.
willing, able, and need to purchase.
willing and able to purchase.
willing to purchase.
Other things equal, the law of demand states that a fall in
price causes quantity demanded to increase.
price causes quantity demanded to decrease
quantity demanded causes price to increase
quantity demanded causes price to decrease
A table shows the relationship between………is known as a demand schedule
quantity demanded and quantity supplied.
income and quantity demanded.
price and quantity demanded.
price and income.
The demand curve for a good is a line that shows relationship between
price and quantity demanded
cost and profit
supply and demand
income and expenditure
Which of the following changes would shift the demand curve for a good or service EXCEPT?
a change in income
a change in the price of the good or service
a change in expectations about the future price of the good or service
a change in the price of a related good or service
The law of supply states an increase in the price of a good will
increase supply
decrease supply
increase quantity supplied
decrease quantity supplied
Sum the individual supply curves horizontally to obtain
total supply
market supply
aggregate supply
total output
The supply and demand curves intersect at point which is called
market harmony
coincidence
equivalence
equilibrium
Suppose eggs are currently selling for 50perdozen,buttheequilibriumpriceofeggsis 40 per dozen. We would expect a
shortage to exist and the market price of eggs to increase
shortage to exist and the market price of eggs to decrease
surplus to exist and the market price of eggs to increase
surplus to exist and the market price of eggs to decrease
Suppose eggs are currently selling for 30perdozen,buttheequilibriumpriceofeggsis 40 per dozen. We would expect a
shortage to exist and the market price of eggs to increase
shortage to exist and the market price of eggs to decrease
surplus to exist and the market price of eggs to increase
surplus to exist and the market price of eggs to decrease
