Supply and Demand Quiz (1) Test your knowledge of supply and demand in economics with these 10 questions. delya90 published on June 10 Stacked 1/10 What happens to price when demand increases? Increases Decreases Stays the same 2/10 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? Excess supply Balance of supply and demand Shortage of supply 4/10 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? Significantly Minimally Not at all 6/10 What happens to price when supply decreases? Increases Decreases Stays the same 7/10 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? 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