Section 3: Introduction to Supply and Demand
Mastering Supply and Demand
Test your understanding of the fundamental principles of supply and demand with our engaging quiz! This quiz is designed to help you assess your knowledge and identify areas for improvement in economic concepts.
- 9 thought-provoking questions
- Interactive format with checkboxes
- Ideal for students and enthusiasts alike
A ‘situation’ where buyers and sellers communicate for the purpose of exchanging goods and services is?
Supply
Demand
Market
Firm
Choose the incorrect statement
Supply has an inverse relationship with price
Demand has a negative relationship with price
The supply curve is upward sloping
The demand curve is downward sloping
Ceteris paribus means
All things are variable
Some things are constant
All thing are not variable
All other things remain constant
The equilibrium price
Shows allocative efficiency
Shows where demand out weighs supply
Supply outweighs demand
Only exists in a free market economy
Shortages usually occurs when
Prices are above equilibrium
Prices are lower than equilibrium
Market forces are left to itself
When market forces don't equate
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