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Demand and supply

Authored by Patrick AdjeiTutu

Business

8th Grade

Used 4+ times

Demand and supply
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Normally the demand curve will have a _______________ shape.

Upward sloping

Downward sloping

Vertical

Horizontal

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an assumption made while drawing the demand curve?

The demand curve must be a straight line

The price of substitutes should not change

The quantity demanded should not change

The price of the commodity should not change

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Law of demand shows a relation between the ____

Quantity demand and quantity supply of a commodity

Income and quantity demand of a commodity

Price and quantity of a commodity

Income and price of a commodity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a cause of the shift in demand for a product?

Change in the price of substitutes

Change in the income of a consumer

Change in the price of a product

None of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Would an increase in demand for a product cause the supply curve to shift in any direction?

No effect on supply

Change in the slope of a supply curve

The supply curve will move to the right

The supply curve will move to the left

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a particular year, the farmers experienced dry weather. If all other factors remain the same, the supply curve of wheat for farmers will shift to the ________ direction.

Downward

Rightward

Leftward

None of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the market supply curve for a product shifts rightwards, what is the best possible explanation for this shift?

Increase in the price of raw materials

Introduction of a tax on that product by the government

Introduction of a new technique that makes the production of that commodity cheaper

An advertising campaign that is successful in promoting the product

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