Market Equilibrium V1

Market Equilibrium V1

1st - 3rd Grade

10 Qs

quiz-placeholder

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Market Equilibrium V1

Market Equilibrium V1

Assessment

Quiz

Business

1st - 3rd Grade

Hard

Created by

Kevin South

Used 7+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What happens if there is an increase in market demand for a good?

price goes up quantity goes down

price and quantity both increase

price goes down quantity goes up

price and quantity both decreases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if there is a decrease in supply for a product

price goes up quantity goes down

price and quantity both increase

price and quantity both decrease

price goes down quantity goes up

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if there is a shortage for a good?

price goes up QS and QD increases

price goes down QD increases and QS decreases

price goes up QD decreases and QS increases

price goes up demand decreases and supply increases

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what happens if there is a surplus in a market?

price goes up QD and QS decrease

price goes up demand and supply increases

price goes down demand increases and supply decreases

price goes down QS decreases and QD increases

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market Demand equals the:

total amount sold in the market

total demand in a market

addition of all the individual demand curves at each price

all of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Market Supply is obtained by

totaling the individual supply at each price

adding the total amount produced

adding the total sold at each price

all of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will reduce the price and quantity in a market?

decrease in price of a complement

decrease in direct(income) tax

increase in the cost of production

decrease in price of a substitute

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