Demand & Supply Factors Quiz

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Key market determinants

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Liz

United States

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AsterQuiz Demand & Supply Factors QuizVersion en ligne Key market determinants par Liz 1 What happens to demand for a normal good when income rises? a Demand stays the same b Demand increases c Demand decreases 2 A shift of the entire curve is caused by what? a A change in the quantity supplied b Changes in non-price determinants c A change in price 3 Which factor most commonly shifts the demand curve to the right? a Higher price of the good b Improved technology in production c Increase in consumer income (for a normal good) 4 If input prices rise, the supply curve typically... a Shifts right (supply increases) b Shifts left (supply decreases) c Stays in place 5 According to the law of supply, as price rises, quantity supplied... a Stays the same b Increases c Decreases 6 Substitutes in production cause a rise in the price of one to affect the other how? a Supply of the related good decreases b Supply increases for both c No effect on either 7 If producers expect higher future prices, current supply tends to... a Remain unchanged b Increase today c Decrease today 8 A per-unit tax on sellers shifts the supply curve how? a No shift, only price change b Right (supply increases) c Left (supply decreases) 9 A fall in the price of a complement in consumption affects demand how? a Demand falls b Demand for the good increases c No effect on demand 10 A good with many substitutes usually has what type of price elasticity of demand? a High elasticity b Low elasticity c Inelastic demand

AsterQuiz

Demand & Supply Factors QuizVersion en ligne

Key market determinants

par Liz

What happens to demand for a normal good when income rises?

Demand stays the same

Demand increases

Demand decreases

A shift of the entire curve is caused by what?

A change in the quantity supplied

Changes in non-price determinants

A change in price

Which factor most commonly shifts the demand curve to the right?

Higher price of the good

Improved technology in production

Increase in consumer income (for a normal good)

If input prices rise, the supply curve typically...

Shifts right (supply increases)

Shifts left (supply decreases)

Stays in place

According to the law of supply, as price rises, quantity supplied...

Stays the same

Increases

Decreases

Substitutes in production cause a rise in the price of one to affect the other how?

Supply of the related good decreases

Supply increases for both

No effect on either

If producers expect higher future prices, current supply tends to...

Remain unchanged

Increase today

Decrease today

A per-unit tax on sellers shifts the supply curve how?

No shift, only price change

Right (supply increases)

Left (supply decreases)

A fall in the price of a complement in consumption affects demand how?

Demand falls

Demand for the good increases

No effect on demand

A good with many substitutes usually has what type of price elasticity of demand?

High elasticity

Low elasticity

Inelastic demand

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Demand & Supply Factors Quiz

AsterQuiz

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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AsterQuiz

Demand & Supply Factors QuizVersion en ligne

par Liz

What happens to demand for a normal good when income rises?

A shift of the entire curve is caused by what?

Which factor most commonly shifts the demand curve to the right?

If input prices rise, the supply curve typically...

According to the law of supply, as price rises, quantity supplied...

Substitutes in production cause a rise in the price of one to affect the other how?

If producers expect higher future prices, current supply tends to...

A per-unit tax on sellers shifts the supply curve how?

A fall in the price of a complement in consumption affects demand how?

A good with many substitutes usually has what type of price elasticity of demand?

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