Supply and Demand: Economics Quiz

Supply and Demand: Economics Quiz

Test your Economics knowledge on the important concepts of Supply and Demand. Quiz yourself with this 11 question quiz and discover how much you know about this category of Economics!

published on April 26, 2023
1/10

What is the relationship between supply and demand?

What is the relationship between supply and demand?
supply and demand increase at the same time
supply and demand move at different times
supply and demand are independent of one another
supply and demand are equal
2/10

What is the law of supply?

What is the law of supply?
The more demand for a product, the lower its price
The lower the price, the higher the quantity supplied
The higher the price, the higher the quantity demanded
The higher the price, the higher the quantity supplied
3/10

What is the law of demand?

What is the law of demand?
The more demand for a product, the lower its price
The lower the price, the higher the quantity supplied
The higher the price, the higher the quantity supplied
The higher the price, the lower the quantity demanded
4/10

What happens when the supply and demand for the same good are equal?

What happens when the supply and demand for the same good are equal?
The price rises
The price falls
The quantity supplied increases
The price remains constant
5/10

What is the effect of an increase in demand and a decrease in supply?

What is the effect of an increase in demand and a decrease in supply?
The price will rise
The price will fall
The quantity demanded will increase
The quantity supplied will decrease
6/10

What is the most important factor in determining the price of a product?

What is the most important factor in determining the price of a product?
Distribution techniques
Advertising techniques
Supply and demand
Consumer sentiment
7/10

When the demand of a product increases, what happens to the price?

When the demand of a product increases, what happens to the price?
The price increases
The price decreases
The price remains constant
The quantity supplied increases
8/10

Which statement is true about the supply of a good?

Which statement is true about the supply of a good?
The more suppliers there are, the lower the price
The higher the price, the more quantity supplied
The more suppliers there are, the higher the price
The lower the price, the less quantity supplied
9/10

When the supply of a product increases and the demand remains constant, what happens to the price?

When the supply of a product increases and the demand remains constant, what happens to the price?
The price remains constant
The price decreases
The price increases
The quantity supplied decreases
10/10

Which of the following statements is true?

Which of the following statements is true?
The price is determined solely by the quantity supplied
The price is determined by the law of supply and demand
The price is determined solely by the quantity demanded
The price is determined by the forces of supply and quantity supplied