Market Fundamentals Quiz

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Test your understanding of demand, supply, and equilibrium.

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Montex

Canada

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Market Fundamentals Quiz


Market Fundamentals QuizVersion en ligne Test your understanding of demand, supply, and equilibrium. par Montex 1 What does demand describe in economics? The relationship between prices and the quantities demanded at those prices. a The total spending by buyers b A single price and quantity c The relationship between a range of prices and the quantities demanded at those prices d Only the highest price buyers will pay 2 What is the Law of Demand? Higher price leads to lower quantity demanded (ceteris paribus). a Price and quantity demanded move in opposite directions b Demand increases with price automatically c Price is irrelevant to demand d Price and quantity demanded move in the same direction 3 Which factor shifts the demand curve to the right? Higher income (other things equal). a Income increase b Higher production costs c A price rise of the good itself d Fewer buyers in the market 4 What happens to equilibrium price when demand increases (ceteris paribus)? It rises. a Equilibrium price falls b No change in price c Equilibrium price increases d Price becomes zero 5 What does excess supply mean? Price above equilibrium, quantity supplied exceeds demanded. a Shortage b Equilibrium c Divergence d Surplus 6 What is market equilibrium? Quantity demanded equals quantity supplied at a price. a Demand exceeds supply b Prices rise indefinitely c No tendency for the price to change d Supply exceeds demand and fixes price 7 Which determinant shifts the supply curve to the right? Technological improvement. a Higher taxes b Higher consumer incomes c Fewer sellers d Technology 8 What is a substitute in demand analysis? A good that can replace another. a Inferior good b Substitute c Independent good d Complement 9 What is the effect of a subsidy on supply? Supply increases (curve shifts right). a Increase in supply b No change in supply c Decrease in supply d Supply becomes perfectly inelastic 10 What does ‘ceteris paribus’ mean in these graphs? All else equal. a All other factors are held constant b Prices are ignored c Only supply factors matter d Demand is ignored

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Market Fundamentals Quiz

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À propos de cette activité

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Market Fundamentals QuizVersion en ligne

par Montex

What does demand describe in economics? The relationship between prices and the quantities demanded at those prices.

What is the Law of Demand? Higher price leads to lower quantity demanded (ceteris paribus).

Which factor shifts the demand curve to the right? Higher income (other things equal).

What happens to equilibrium price when demand increases (ceteris paribus)? It rises.

What does excess supply mean? Price above equilibrium, quantity supplied exceeds demanded.

What is market equilibrium? Quantity demanded equals quantity supplied at a price.

Which determinant shifts the supply curve to the right? Technological improvement.

What is a substitute in demand analysis? A good that can replace another.

What is the effect of a subsidy on supply? Supply increases (curve shifts right).

What does ‘ceteris paribus’ mean in these graphs? All else equal.