Supply and Demand Quiz

Which economic model postulates that, in a competitive market, the unit price for a particular good will vary until it settles at a point where the quantity demanded equals the quantity supplied?

What does a supply schedule show?

Which model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium?

What is the theoretical basis of modern economics?

True or false: Supply and demand is an economic model of price determination in a market.

In a competitive market, what happens when the quantity demanded equals the quantity supplied?

True or false: The unit price for a particular good will vary until it settles at a point where the quantity demanded equals the quantity supplied.

True or false: The concept of supply and demand forms the theoretical basis of modern economics.

True or false: The aggregate demand-aggregate supply model is used in macroeconomics to determine the quantity of total output and the aggregate price level in equilibrium.

True or false: A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied by producers.