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Supply and Demand
Supply and Demand
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Multiple choice supply and demand quiz
Flashcards
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Questions
15
Answers
1
According to the law of supply, what happens as price increases?
The supply curve shifts to the right.
The quantity supplied increases.
The supply curve shifts to the left.
The quantity supplied decreases.
2
Which of these would most likely increase the supply of footballs?
a decrease in the price of raw materials
an increase in the supply of tennis balls
a transportation strike
a government excise tax
3
Demand depends on the willingness and ability of
consumers to purchase.
donors to contribute.
advertisers to promote.
producers to produce.
4
Which does
NOT
impact elasticity of demand?
need vs luxury
availability of inputs
time needed to adjust to a price change
availability of substitutes
5
The degree to which the quantity demanded responds to changes in price is called
elasticity.
utility.
revenue.
schedule.
6
Supply depends on the willingness and ability of
producers to produce.
donors to contribute.
consumers to purchase.
advertisers to promote.
7
For which of these will the supply increase fastest when price increases?
airline service
sidewalk shovelers
medical doctors
trucks
8
According to the law of supply, what happens as price decreases?
The supply curve shifts to the left.
The supply curve shifts to the right.
The quantity supplied increases.
The quantity supplied decreases.
9
A rise in the price of burgers may lead to an increase in demand for
buns.
coleslaw
hot dogs
relish.
10
Quantity demanded moves along the demand curve in response to changes in
income
expectations
preferences
price
11
The law of demand states that as price increases
production increases.
quantiy demanded decreases
price increases.
wages decrease.
12
The law of demand states that as quantity demanded decreases
price increases.
wages decrease.
production increases.
quality decreases
13
Which of these is the best example of diminishing marginal utility?
People with cars don't need horses.
Horses become less useful as they get old.
Someone who has one horse will have less use for another.
A shortage of horse paths makes horses less useful.
14
Which of these is most likely to happen to demand if blizzards keep customers at home?
The demand curve shifts to the right.
The demand curve shifts to the left.
The demand curve becomes flatter.
The demand curve becomes steeper.
15
A drop in the price of burgers may lead to an increase in demand for
coleslaw
buns.
hot dogs
relish.
