
Supply and Demand Shifts
Authored by Mrs. Tumacder
Social Studies
12th Grade
Used 3+ times

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46 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What factor would cause a movement along the supply curve rather than a shift?
A change in the cost of raw materials
A change in technology
A change in the price of the product itself
A change in expectations about future prices
Answer explanation
A movement along the supply curve occurs due to a change in the price of the product itself, causing a change in quantity supplied.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause the demand curve to shift to the right?
An increase in the price of the product
A decrease in the price of a substitute product
An increase in consumer income, assuming the product is a normal good
An increase in the price of a complementary good
Answer explanation
An increase in consumer income, assuming the product is a normal good, would cause the demand curve to shift to the right as consumers can afford to buy more of the product.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a leftward shift in the supply curve indicate?
An increase in supply
A decrease in supply
No change in supply
An increase in demand
Answer explanation
A leftward shift in the supply curve indicates a decrease in supply, meaning that less of a product is available at every price point.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following factors affects the supply curve?
Consumer preferences
Number of suppliers
Consumer income
Price of the product
Answer explanation
The number of suppliers directly affects the supply curve as it determines the quantity of goods or services available in the market.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact of technological advancements on the supply curve?
It causes the supply curve to shift to the left
It causes the supply curve to shift to the right
It causes a movement along the supply curve
It has no impact on the supply curve
Answer explanation
Technological advancements lead to increased efficiency and lower production costs, causing the supply curve to shift to the right.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would most likely cause a shift in the demand curve for cars?
A decrease in the price of bicycles
An increase in the price of gasoline
A decrease in the price of cars
An increase in consumer income
Answer explanation
An increase in consumer income would most likely cause a shift in the demand curve for cars as consumers would have more purchasing power to buy cars.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between a shift in the supply curve and a movement along the supply curve?
A shift represents a change in quantity supplied at any given price, while a movement represents a change in supply.
A shift represents a change in supply, while a movement represents a change in quantity supplied at any given price.
A shift and a movement both represent changes in supply, but a shift is always to the right.
There is no difference; both terms can be used interchangeably.
Answer explanation
A shift represents a change in supply, while a movement represents a change in quantity supplied at any given price.
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