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Supply and Demand

Quiz by Shawna Farbotnik

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11 questions
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  • Q1
    Which would be a likely cause of an increase in the price of pizza?
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    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?
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    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?
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    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?
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    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
  • Q6
    Which term replaces this question mark?
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    marginal benefit
    fixed costs
  • Q7
    The amount of a good/service that consumers are willing, able, and want to buy at a particular price:
    final product.
    quantity demanded.
    marginal utility.
    personal savings.
  • Q8
    When the quantity demanded for a product is less than the quantity supplied, the market
    has a surplus of products
    is in equilibrium
    price is too low
    has a shortage of products
  • Q9
    Which economic change best explains a reduction in coffee prices?
    improved technology for commercial production
    increased need for subsistence farming
    rapid wage increases for factory workers
    adoption of tariffs on imported goods
  • Q10
    Which statement best supports the shift demonstrated in this graph?
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    A decrease in frozen yogurt price increases ice cream supply
    A decrease dairy products cost increases supply of ice cream
    An increase in price of sugar reduces supply of ice cream
    Increase in frozen yogurt price decreases ice cream supply
  • Q11
    What will be the state of the market if peanuts are sold for $5 per pound?
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    There will be a 60,000-pound shortage.
    There will be a 30,000-pound shortage
    There will be a 30,000-pound surplus.
    There will be a 60,000-pound surplus.

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