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