Supply and Demand Review

QuizÂ by Aprile Steel

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14 questions
• Q1
______________________states that price and supply have a direct relationship.
Law of Supply
Law of Diminishing Marginal Utility
Law of Demand
30s
• Q2
Workers who produce a computer game go on strike. How will this affect the market for computer games?
A decrease in supply
An increase in demand
An increase in supply
A decrease in demand
30s
• Q3
A reputable research company announces that children who play computer games also improve their grades in school.
Increase in Supply
Decrease in Supply
Decrease in Demand
Increase in Demand
30s
• Q4
The above image shows what type of change?
Increase in Supply
Decrease in Supply
Decrease in demand
Increase in demand
30s
• Q5
What needs to happen to prices to get rid of a surplus?
Prices need to be raised
No price change is needed
Prices need to be lowered
30s
• Q6
Price ceilings are designed to protect who?
Consumers
Suppliers
30s
• Q7
What happens to equilibrium price and quantity if supply increased?
Price decreases and Quantity increases
Price increases and Quantity decreases
Price increases and Quantity increases
Price decreases and quantity decreases
45s
• Q8
This occurs when the quantity demanded is greater than quantity supplied.
Surplus
Opportunity Cost
Scarcity
Shortage
30s
• Q9
This occurs when supply changes are caused by changes not related to price.
Change in Quantity Supplied
Change in Supply
30s
• Q10
What happens to equilibrium price and quantity when demand increases?
Price decreases and quantity increases
Price increases and quantity increases
Price decreases and quantity decreases
Price increases and quantity decreases
30s
• Q11
Consumer Taste, Income, Related Products, Expectations for future price change, and Size of Population represent what?
Changes in Quantity Demanded
Changes in Quantity Supplied
Changes in Supply
Changes in Demand
30s
• Q12
The above graph represents what type of change?
Increase in Quantity Demanded
Decrease in Demand
Increase in Demand
Decrease in Quantity Demanded
30s
• Q13
The above graph represents what type of change?
An increase in quantity demanded
An increase in demand
A decrease in quantity demanded
A decrease in demand
30s
• Q14
The 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 increase
The demand for cupcakes will decrease.
The supply of cupcakes will increase
The supply cupcakes will decrease
30s

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