Supply Schedules Quiz

Supply and Demand

• A supply schedule shows the relationship between the price of a good and the quantity supplied: TRUE
• A supply schedule is a graph that represents the relationship between the price of a good and the quantity supplied: FALSE (a supply schedule is typically a table, not a graph)
• A supply schedule is a tool used to determine the demand for a good: FALSE (a supply schedule shows the quantity supplied at different prices, not demand)
• The point where the supply curve and the demand curve intersect is called the equilibrium: TRUE
• The equilibrium price is the price where the desires of consumers and producers agree: TRUE
• The quantity demanded is equal to the quantity supplied at the equilibrium price: TRUE
• When the market is not in equilibrium, the quantity demanded is not equal to the quantity supplied: TRUE
• Market forces will push the market towards equilibrium if it is not already there: TRUE