Markets
Market Dynamics Quiz
Test your understanding of market concepts with our engaging quiz on supply, demand, and price elasticity. This quiz features a variety of questions that will challenge your knowledge and help reinforce key principles in economics.
Learn more about:
- Demand and supply curves
- Market equilibrium
- Elasticity of demand
- Factors affecting supply and demand
The demand curve slopes from
Downward slope from left to right
Upward from left to right
A horizontal line
A vertical line
The supply curve slopes from
A horizontal line
Upward from left to right
A vertical line
Downward slope from left to right
When a demand curve shifts to the right it indicates
An extension in demand
A increase in demand
A decrease in demand
A contraction in demand
Which of the following is not a factor that may cause an increase in demand
Expected increase in future prices
Decrease in the level of consumers incomes
Consumer tastes and preferences
Price of substitute goods
The best way to describe inelastic demand is
A good that has a strong response to a change in price
A good that experiences a proportional change in demand that is equal to the change in price
A good that people always want
A good that has a weak response to a price change
Goods that are perfectly elastic are represented on a graph as a
Line that slope s from left to right
Line that slopes from right to left
A vertical line perpendicular to the horizontal quantity axis
A horizontal line perpendicular to the vertical price axis
Which of the following factors will cause an increase in supply for a good
A fall in the costs of production e.g. labour
A rise in the cost of resources
A rise in the price of other goods
New government regulations related to the production of goods
Which of the following is the best description for the term market equilibrium
The point where supply and demand curves intersect
A situation where at a certain price level the quantity supplied and the quantity demanded are equal
The price and the quantity supplied are in equilbrium
The situation where the demand for a good is equal to the quantity that suppliers are willing to produce
When there is a movement along a supply curve to the right is it a
Decrease in supply
Increase in supply
Extension (expansion) in supply
Contraction in supply
When there is a movement along a demand curve to the left is it a
Contraction in demand
Extension (expansion) in demand
Decrease in demand
Increase in demand
Which of follow is not a factor that will affect market supply
The price of the good itself
The state of technology
The demand of the good generated by consumers
The quantity of the good available
The demand for a good exceeds the supply of a good it is referred to as
Increased demand
Decreased demand
Excess demand
Surplus supply
The supply for a good exceeds the demand for a good it is referred to as
Increased supply
Decreased supply
Excess demand
Surplus supply
In economic analysis for supply and demand the term ceteris paribus means
All assumptions must remain constant
All factors remain constant
The responsiveness of demand is determined by price assumptions
That certain assumptions are a paradox
The Total Outlay Method (TOM) to determine price elasticity of demand is caluated by
Price x Total Outlay
Price x Quantity Demanded
Price x Total Production
Price x Quantity
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