Section 3: Introduction to Supply and Demand

A modern classroom with students engaging in a discussion about supply and demand concepts, with charts and graphs on the wall.

Mastering Supply and Demand

Test your understanding of the fundamental principles of supply and demand with our engaging quiz! This quiz is designed to help you assess your knowledge and identify areas for improvement in economic concepts.

9 thought-provoking questions
Interactive format with checkboxes
Ideal for students and enthusiasts alike

9 Questions2 MinutesCreated by AnalyzingStar234

A ‘situation’ where buyers and sellers communicate for the purpose of exchanging goods and services is?

Supply

Demand

Market

Firm

Choose the incorrect statement

Supply has an inverse relationship with price

Demand has a negative relationship with price

The supply curve is upward sloping

The demand curve is downward sloping

Ceteris paribus means

All things are variable

Some things are constant

All thing are not variable

All other things remain constant

The equilibrium price

Shows allocative efficiency

Shows where demand out weighs supply

Supply outweighs demand

Only exists in a free market economy

Shortages usually occurs when

Prices are above equilibrium

Prices are lower than equilibrium

Market forces are left to itself

When market forces don't equate

Price ceilings and floors are examples of

Government peace makers

Market forces

Government price controls

Market Prices

Changes in price cause

The demand curve to shift to the rightthe

The demand curve to shift to the left

Both curves to shift

Movements along the demand curve

Section 3: Introduction to Supply and Demand

Mastering Supply and Demand

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