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Supply and Demand Quiz

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Questions and Answers

What happens to price when there is a shortage of a product?

It increases (correct)

It decreases

It fluctuates randomly

It remains the same

What effect does an increase in consumer income have on demand?

It has no effect on demand

It increases demand (correct)

It decreases demand

It increases supply

What happens to equilibrium price and quantity when both demand and supply increase?

Price and quantity both decrease

Price and quantity both increase

Price decreases, quantity increases

Price increases, quantity may increase or decrease (correct)

What happens to price when there is excess demand in a market?

It tends to rise Signup and view all the answers

In a market with perfectly elastic demand, how does a change in price affect quantity demanded?

Quantity demanded becomes zero Signup and view all the answers

What is the likely effect of a decrease in production costs on equilibrium price and quantity in a competitive market?

Price decreases, quantity increases Signup and view all the answers

What does the supply schedule graphically represent?

The relationship between the price of a good and the quantity supplied by producers Signup and view all the answers

What is the economic model of price determination in a market based on?

Supply and demand Signup and view all the answers

What does the aggregate demand-aggregate supply model depict in macroeconomics?

How the quantity of total output and the aggregate price level may be determined in equilibrium Signup and view all the answers

What does the supply and demand model postulate about 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 Signup and view all the answers

What forms the theoretical basis of modern economics?

The concept of supply and demand Signup and view all the answers

Supply and Demand Quiz

Choose a study mode

Podcast

Questions and Answers

What happens to price when there is a shortage of a product?

What effect does an increase in consumer income have on demand?

What happens to equilibrium price and quantity when both demand and supply increase?

What happens to price when there is excess demand in a market?

In a market with perfectly elastic demand, how does a change in price affect quantity demanded?

What is the likely effect of a decrease in production costs on equilibrium price and quantity in a competitive market?

What does the supply schedule graphically represent?

What is the economic model of price determination in a market based on?

What does the aggregate demand-aggregate supply model depict in macroeconomics?

What does the supply and demand model postulate about a competitive market?

What forms the theoretical basis of modern economics?

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Supply and Demand Quiz

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