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Supply and Demand

Quiz by Shawna Farbotnik

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11 questions
Show answers
  • Q1
    Which would be a likely cause of an increase in the price of pizza?
    Question Image
    a decrease in the price of hamburgers, a substitute food
    a health report showing eating pizza reduces stress
    a decreased interest in take-out and fast-food dining
    a decrease in the price of cheese, a complement
  • Q2
    Which best describes the relationship b/w price & quantity demanded shown by the demand curve?
    Question Image
    as a product's price rises, consumers buy less other goods
    there's an inverse relationship bw price & quantity demanded
    as the product's price falls, consumers buy less of the good
    theres an indirect relationship between price & quantity demanded
  • Q3
    Which statement best explains the movement from S1 to S2 shown on this graph?
    Question Image
    higher costs for natural resources
    an increase in workers’ salaries
    technological improvements in production
    a decline in the production of a substitute good
  • Q4
    What does the point of intersection shown on this graph represent?
    Question Image
    opportunity cost
    marginal production
    equilibrium price
  • Q5
    Which statement best describes the relationship between supply and demand?
    A product with high demand & high supply leads to a decrease in price
    A product with high demand & low supply leads to an increase in price
    A product with low demand & low supply leads to an increase in price
    A product with low demand & high supply leads to no change in price

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