What is supply in economics?

Understanding Supply and Demand

Quiz
•
Others
•
6th Grade
•
Hard
Anthony B
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Supply refers to the quantity of goods that consumers are willing to buy.
Supply is the amount of money producers need to invest in production.
Supply is the total demand for a good or service at a fixed price.
Supply is the total amount of a good or service that producers are willing and able to sell at various prices.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is demand in economics?
Demand is the quantity of a good or service that consumers are willing and able to purchase at various prices.
Demand is the total amount of goods produced in an economy.
Demand refers to the supply of goods available in the market.
Demand is the price at which goods are sold.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does an increase in demand affect prices?
An increase in demand causes prices to stabilize.
An increase in demand lowers prices.
An increase in demand typically leads to higher prices.
An increase in demand has no effect on prices.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to supply when production costs decrease?
Supply increases.
Supply remains unchanged.
Supply becomes unpredictable.
Supply decreases.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the equilibrium price?
The price at which quantity demanded is maximized.
The price at which quantity demanded equals quantity supplied.
The price at which all goods are sold out.
The price set by government regulation.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do consumers influence demand?
Consumers influence demand by shaping preferences and purchasing behavior.
Consumers influence demand by increasing supply.
Consumers influence demand by reducing prices.
Consumers influence demand by limiting product availability.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a surplus in the context of supply and demand?
A surplus refers to a situation where there is no excess supply or demand.
A surplus occurs when demand exceeds supply at a given price.
A surplus is when the market price is set too low.
A surplus is when supply exceeds demand at a given price.
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a shortage in the context of supply and demand?
A shortage refers to a situation where prices are too high for consumers.
A shortage is when demand exceeds supply at a given price.
A shortage occurs when supply exceeds demand at a given price.
A shortage is when there is an equal amount of supply and demand.
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