
Quiz on Market Demand and Supply
Quiz
•
Health Sciences
•
12th Grade
•
Easy
Muhammad Syafiy
Used 2+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of a market?
The process of exchanging goods and services between buyers and sellers
A government regulation on prices
A place where goods are stored
A type of financial institution
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Law of Demand state?
Quantity demanded remains constant regardless of price
As price rises, quantity demanded rises
As price falls, quantity demanded rises
Price and quantity demanded are directly related
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Ceteris Paribus' mean?
All other things remain unchanged
Market conditions are stable
All prices are fixed
Only one variable changes
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What effect describes the tendency to substitute a good when its price rises?
Market Effect
Income Effect
Demand Effect
Substitution Effect
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between individual demand and market demand?
There is no difference
Individual demand is based on supply, market demand is not
Market demand is always higher than individual demand
Individual demand is for one person, market demand is for all individuals
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a non-price determinant of demand?
Price elasticity
Price of the good
Quantity supplied
Number of buyers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Law of Supply indicate?
As price rises, quantity supplied falls
As price falls, quantity supplied rises
As price rises, quantity supplied rises
Price and quantity supplied are inversely related
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