Economics: Supply an Demand

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

What happens to the quantity supplied when the price of a good decreases?

• It increases

• It decreases

• It remains the same

• It becomes zero

Which of the following would not shift the supply curve for iphones?

• an increase in the price of iphones
• a decrease in the number of sellers of iphone
• an increase in the price of plastic, an input into the production of iphones
• an improvement in the technology used to produce iphones

Which factor would cause a shift in the demand curve for smartphones?

• A decrease in the price of smartphones

• An increase in consumer income

• A decrease in the number of smartphone manufacturers

• An improvement in smartphone technology

The movement from Point A to Point B represents a(n)

• increase in the price.
• decrease in the quantity supplied.
• shift in the supply curve.
• Both Orange and Blue are correct.

Which of the following factors would cause a movement along the supply curve for electric cars?

• A change in the price of electric cars

• An increase in the number of electric car manufacturers

• An improvement in battery technology

• A decrease in consumer income

At equilibrium price:

• Quantity supplied = quantity demanded

• Price increases to soak up excess demand

• Price decreases to soak up excess supply

• Demand increases in response to the price of related goods

In a competitive market, what is the result when the quantity demanded exceeds the quantity supplied?

• Surplus

• Equilibrium

• Shortage

• Price ceiling

This part of the market determines DEMAND

• buyers
• sellers
• suppliers
• store owners

Which of the following will cause an increase in demand for snowboards?

• More costly production methods 
• A decrease in the price of lift tickets at resorts in Colorado 
• A decrease in consumer income   
• A decrease in the population