Supply and Demand Economics Quiz Test your knowledge with 12 questions on supply, demand, equilibrium, elasticity, and more in microeconomics. Explore economic concepts and enhance your understanding.
#1
A decrease in the price of a complementary good
An increase in the price of the product
A decrease in consumer income
A decrease in the price of the product
#2
Quantity supplied exceeds quantity demanded
Price is higher than equilibrium price
Quantity demanded exceeds quantity supplied
There is no shortage or surplus
#3
Changes in consumer preferences
Changes in the price of related goods
Changes in technology
Changes in consumer income
#4
As price decreases, quantity demanded decreases
As price decreases, quantity demanded increases
As price increases, quantity supplied decreases
As price increases, quantity demanded decreases
#5
Price will decrease and quantity will increase
Price will decrease and quantity will decrease
Price will increase and quantity will decrease
Price will increase and quantity will increase
#6
Decrease in demand and increase in supply
Increase in demand and decrease in supply
Decrease in both demand and supply
Increase in both demand and supply
#7
Price increases, quantity decreases
Price decreases, quantity increases
Price and quantity both increase
Price and quantity both decrease
#8
A surplus
A shortage
An increase in supply
A decrease in demand
#9
Consumer preferences
Technology
Taxes
Consumer income
#10
When demand equals supply
When the marginal benefit equals the marginal cost
When there is no government intervention
When there is a perfectly competitive market
#11
Increases
Decreases
Remains constant
Can't be determined
#12
Increase in demand
Decrease in demand
No effect on demand
Increase in supply
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