Supply, Demand and EquilibriumVersion en ligne Test your knowledge of supply, demand, and equilibrium in this educational game! par sarah ayyad 1 The equilibrium price is also known as the market-clearing price. Yes No 2 A decrease in supply leads to higher prices. Yes No 3 An increase in demand leads to higher prices. Yes No 4 A decrease in supply leads to lower prices. Yes No 5 The demand curve slopes upward. Yes No 6 The law of demand states that as the price of a good increases, the quantity demanded decreases. Yes No 7 The law of supply states that as the price of a good increases, the quantity supplied decreases. Yes No 8 An increase in demand leads to lower prices. Yes No 9 Supply and demand determine the price of goods. Yes No 10 Supply and demand have no impact on prices. Yes No 11 The law of demand states that as the price of a good increases, the quantity demanded also increases. Yes No 12 The demand curve slopes downward. Yes No 13 A shortage occurs when the quantity demanded exceeds the quantity supplied. Yes No 14 The law of supply states that as the price of a good increases, the quantity supplied also increases. Yes No 15 A shortage occurs when the quantity supplied exceeds the quantity demanded. Yes No 16 The equilibrium price is always the highest price in the market. Yes No 17 Equilibrium occurs when the quantity supplied equals the quantity demanded. Yes No 18 Equilibrium only occurs in perfectly competitive markets. Yes No
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