Understanding Equilibrium in Supply and Demand Quiz Test your knowledge of supply and demand equilibrium with these microeconomics quiz questions. Understand concepts like price elasticity, market intervention, and more.
#1
As price increases, quantity demanded increases
As price increases, quantity demanded decreases
As price decreases, quantity demanded increases
As price decreases, quantity demanded decreases
#2
A government agency that regulates markets
The force that ensures equal distribution of wealth
Individual self-interest guiding resources to their most efficient uses
A physical hand used in economic transactions
#3
Equilibrium price increases, equilibrium quantity decreases
Equilibrium price decreases, equilibrium quantity increases
Equilibrium price and quantity both increase
Equilibrium price and quantity both decrease
#4
A measure of how much the quantity demanded changes in response to a change in price
The total amount of money consumers are willing to spend on a product
The maximum price a consumer is willing to pay for a product
The ratio of quantity supplied to quantity demanded
#5
A change in quantity demanded is caused by a change in price, while a shift in demand is caused by factors other than price
A change in quantity demanded is always associated with a shift in demand
A shift in demand is always associated with a change in quantity demanded
There is no difference between the two concepts
#6
How much the quantity supplied changes in response to a change in price
The total cost of producing a good
The maximum price a producer is willing to accept for a product
The ratio of quantity demanded to quantity supplied
#7
Equilibrium price increases, equilibrium quantity decreases
Equilibrium price decreases, equilibrium quantity increases
Equilibrium price and quantity both increase
Equilibrium price and quantity both decrease
#8
A maximum price set by the government, leading to a surplus of goods
A minimum price set by the government, leading to a shortage of goods
A maximum price set by the government, leading to a shortage of goods
A minimum price set by the government, leading to a surplus of goods
#9
A horizontal line
A vertical line
A curve with constant slope
A curve that fluctuates randomly
#10
Causes a surplus of goods
Causes a shortage of goods
Leads to a more efficient market
Has no impact on the market
#11
A good for which demand decreases as income increases
A good for which demand increases as income increases
A good with perfectly elastic demand
A good with perfectly inelastic demand
#12
Increases the cost of production, leading to a decrease in supply
Decreases the cost of production, leading to an increase in supply
Has no impact on the supply of a good
Leads to a decrease in demand for the good
#13
Elasticity and slope are unrelated concepts
Elasticity is inversely related to the slope of a demand curve
Elasticity is directly related to the slope of a demand curve
The slope of a demand curve is always zero
#14
The change in quantity demanded due to a change in consumer income
The change in quantity demanded due to a change in the price of a substitute good
The impact of advertising on consumer preferences
The influence of fashion trends on consumer choices
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