Supply and Demand Quiz

Supply and Demand Quiz

University

20 Qs

quiz-placeholder

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Supply and Demand Quiz

Supply and Demand Quiz

Assessment

Quiz

Other

University

Medium

Created by

Abdulaziz Ashurov

Used 4+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What happens to the demand for luxury goods during an economic downturn?

a) It increases

b) It decreases

c) It remains unchanged

d) It becomes perfectly elastic

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When supply and demand are in equilibrium, what happens to prices?

a) They increase

b) They decrease

c) They remain stable

d) They fluctuate randomly

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a competitive market?

a) A market with only one seller

b) A market with numerous buyers and sellers

c) A market with barriers to entry

d) A market with government intervention

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the demand curve represent in the supply and demand model?

a) The quantity of a good or service that producers are willing to supply at various prices

b) The relationship between the price of a good and the quantity demanded by consumers

c) The relationship between the price of a good and the quantity supplied by producers

d) The equilibrium point where supply equals demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the supply curve shifts to the left, what does it indicate?

a) Increase in supply

b) Decrease in supply

c) Increase in demand

d) Decrease in demand

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a competitive market described by the supply and demand model, what happens when there is excess demand?

a) Prices decrease

b) Prices remain unchanged

c) Prices increase

d) Quantity supplied decreases

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a shift to the right in the supply curve indicate?

a) Increase in supply

b) Decrease in supply

c) Increase in demand

d) Decrease in demand

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