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Demand and Supply Quiz
Demand and Supply Quiz
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Demand and Supply Quiz
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
If the store is having a big sale on cereal one could expect the demand for milk to
decrease
increase
be inelastic
stay the same
2
The Law of Demand states that as price INCREASES quantity demanded ______________
increases
decreases
stays the same
is elastic
3
Beanie babies were very popular in 1995 but not in 2015. The demand curve will shift to the
the left
no change
the right
up
4
price and quantity supplied have a _______________ relationship
direct
negative
inverse
equal
5
A luxury car is an example of a
inelastic good
complementary good
elastic good
substitute good
6
Dr. Pepper increases the cost of their 6 pack. The demand for a Mr. Pibb 6 pack will
be elastic
decrease
stay the same
increase
7
Price in the market is determined by
sellers
brand name
buyers
voluntary exchange
8
If weather experts predict a draught in CA than suppliers will supply ___________ grapes
more
less
no change
the same
9
The Law of Supply states that has price increases the quantity supplied will
stay the same
increase
decrease
be inelastic
10
If more pizza places open in Bluffton one could expect the supply for pizza to
increase
decrease
no change
be elastic