________ and ________ do not directly affect the demand curve

the costs of production, bank opening hours

Which of the following will cause a change in quantity supplied?

A change in the market price of the good.

When the supply curve shifts right, what is the effect on equilibrium price and quantity?

Price decreases, quantity increases

Which of the following would lead to an INCREASE in the demand for golf balls?

An increase in household income.

Which of the following would decrease the supply of wheat?

An increase in the demand of corn.

When a market is in equilibrium

Quantity demanded equals quantity supplied

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An economics Quiz to explain the basics of Supply and Demand

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Questions 11

Answers

1
Fewer producers in the economy will cause a supply curve to shift to the left
True
False
2
________ and ________ do not directly affect the demand curve
the price of related goods, preferences
consumer incomes, tastes
the price of related goods, consumer incomes
the costs of production, bank opening hours
3
Which of the following will cause a change in quantity supplied?
Technological change.
A change in the number of firms in the market.
A change in the market price of the good.
A change in input prices.
4
When we know the quantity of a product that buyers wish to purchase, we know?
excess supply
Supply
Demand
excess demand
5
When the supply curve shifts right, what is the effect on equilibrium price and quantity?
Price increases, quantity increases
Price increases, quantity decreases
Price decreases, quantity increases
Price decreases, quantity decreases
6
A supply curve is directly affected by
government regulation
technology
all of the above
input costs
7
Which of the following would lead to an INCREASE in the demand for golf balls?
An decrease in materials used to make golf balls.
An increase in household income.
A decrease in the cost of producing golf balls.
none of the above
8
An increase in consumer income will increase demand for a ____ but decrease demand for a ____
normal good, complementary good
normal good, inferior good
substitute good, inferior good
inferior good, normal good
9
A demand curve can shift because of changing
tastes
incomes
all of the above
prices of related goods
10
Which of the following would decrease the supply of wheat?
An increase in the demand of corn.
An increase in the price of pesticides.
none of the above
An increase in the demand for wheat.
11
When a market is in equilibrium
The market is cleared by the equilibrium price
Quantity demanded equals quantity supplied
Excess demand and excess supply are zero
All of the above

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