Supply and Demand Quiz (1)

Supply and Demand Quiz (1)

Test your knowledge of supply and demand in economics with these 10 questions.

published on June 10
1/10

What happens to price when demand increases?

What happens to price when demand increases?
Increases
Decreases
Stays the same
2/10

What does a shift in the supply curve indicate?

What does a shift in the supply curve indicate?
Change in price only
Change in quantity demanded
Change in quantity supplied
3/10

What does equilibrium mean in supply and demand?

What does equilibrium mean in supply and demand?
Excess supply
Balance of supply and demand
Shortage of supply
4/10

What causes a shift along the demand curve?

What causes a shift along the demand curve?
Changes in consumer income
Changes in technology
Changes in government regulations
5/10

If a product is inelastic, how will a change in price affect demand?

If a product is inelastic, how will a change in price affect demand?
Significantly
Minimally
Not at all
6/10

What happens to price when supply decreases?

What happens to price when supply decreases?
Increases
Decreases
Stays the same
7/10

What is a determinant of demand?

What is a determinant of demand?
Resource prices
Consumer tastes and preferences
Price of related goods
8/10

When supply is perfectly elastic, what does this mean for price?

When supply is perfectly elastic, what does this mean for price?
Price is fixed
Price fluctuates greatly
Price does not change
9/10

What is the relationship between supply and price?

Directly proportional
Inversely proportional
No relationship
10/10

What shifts the supply curve?

Change in income
Change in technology
Change in consumer preferences