What is the relationship between price and the quantity that consumers are willing and able to buy according to the demand curve?

Economics Quiz: Supply and Demand

Passage
•
Financial Education
•
9th Grade
•
Hard
Amaryllis Schepens
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Exponential relationship
No relationship
Inverse relationship
Direct relationship
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the first reason for the law of demand?
Price effect
Income effect
Law of diminishing marginal utility
Substitution effect
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is NOT a shifter or determinant of demand?
Taste and preferences
Price of substitutes and complements
Price of the product itself
Change in expectations
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the reason for the positive relationship between price and the quantity supplied according to the supply curve?
Making profit
Income effect
Law of diminishing marginal utility
Substitution effect
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is a shifter of supply related to changes in technology?
Change in resources or inputs price
Change in technology
Number of sellers
Government actions
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What happens when the quantity demanded equals the quantity supplied in a market?
Equilibrium
Surplus
Shortage
Disequilibrium
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
How does an increase in demand affect the equilibrium price and quantity?
Price and quantity both decrease
Price decreases, quantity increases
Price increases, quantity decreases
Price and quantity both increase
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