Supply and Demand Review
Quiz by Aprile Steel
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14 questions
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- Q1______________________states that price and supply have a direct relationship.Law of SupplyLaw of Diminishing Marginal UtilityTrade OffLaw of Demand30s
- Q2Workers who produce a computer game go on strike. How will this affect the market for computer games?A decrease in supplyAn increase in demandAn increase in supplyA decrease in demand30s
- Q3A reputable research company announces that children who play computer games also improve their grades in school.Increase in SupplyDecrease in SupplyDecrease in DemandIncrease in Demand30s
- Q4The above image shows what type of change?Increase in SupplyDecrease in SupplyDecrease in demandIncrease in demand30s
- Q5What needs to happen to prices to get rid of a surplus?Prices need to be raisedNo price change is neededPrices need to be lowered30s
- Q6Price ceilings are designed to protect who?ConsumersSuppliers30s
- Q7What happens to equilibrium price and quantity if supply increased?Price decreases and Quantity increasesPrice increases and Quantity decreasesPrice increases and Quantity increasesPrice decreases and quantity decreases45s
- Q8This occurs when the quantity demanded is greater than quantity supplied.SurplusOpportunity CostScarcityShortage30s
- Q9This occurs when supply changes are caused by changes not related to price.Change in Quantity SuppliedChange in Supply30s
- Q10What happens to equilibrium price and quantity when demand increases?Price decreases and quantity increasesPrice increases and quantity increasesPrice decreases and quantity decreasesPrice increases and quantity decreases30s
- Q11Consumer Taste, Income, Related Products, Expectations for future price change, and Size of Population represent what?Changes in Quantity DemandedChanges in Quantity SuppliedChanges in SupplyChanges in Demand30s
- Q12The above graph represents what type of change?Increase in Quantity DemandedDecrease in DemandIncrease in DemandDecrease in Quantity Demanded30s
- Q13The above graph represents what type of change?An increase in quantity demandedAn increase in demandA decrease in quantity demandedA decrease in demand30s
- Q14The cost of sugar increases, which is used in the production of cupcakes. How will this impact the market for cupcakes?The demand for cupcakes will increaseThe demand for cupcakes will decrease.The supply of cupcakes will increaseThe supply cupcakes will decrease30s
