01
True or false
1 point
True or false: Holding other factors constant, a decrease in the price of a good causes an increase in quantity demanded represented by movement along the existing demand curve.
Free Practice Quiz Question List
Demand, Supply, and Market Equilibrium Online Quiz Questions
Use this free practice quiz with 10 questions to review Demand, Supply, and Market Equilibrium, test your knowledge, and prepare for your next test or exam.
10 questions
02
Choose one
1 point
Which event shifts the demand curve for a normal good to the right rather than causing movement along the existing curve?
- A
A decrease in the price of the good causes movement downward along the demand curve.
- B
An increase in consumer income for a normal good shifts the demand curve right.
- C
A decrease in the price of the good shifts the demand curve right.
- D
An increase in consumer income for a normal good causes movement upward along the demand curve.
03
True or false
1 point
True or false: If the market price is below equilibrium, the market experiences a shortage and pressure tends to push the price upward.
- A
True
- B
False
04
Written response
1 point
Given quantity demanded Q_D = 120 - 4P and quantity supplied Q_S = 20 + 6P, enter the equilibrium price in dollars.
05
Choose one
1 point
A new production process lowers the per-unit cost of manufacturing laptops. Assuming demand is unchanged, what is the most likely market result?
- A
Supply shifts left, so equilibrium price rises and quantity falls.
- B
Demand shifts right, so equilibrium price and quantity rise.
- C
Supply shifts right, so equilibrium price falls and quantity rises.
- D
Demand shifts left, so equilibrium price and quantity fall.
06
Fill in the blank
1 point
When input prices rise, the supply curve shifts because production costs increase, and equilibrium quantity usually when demand is unchanged.
07
Choose all
1 point
Select all events that increase demand for the target good, shifting its demand curve right, assuming other factors are unchanged.
- A
Household income rises for a normal good.
- B
The price of a substitute falls.
- C
The price of a substitute rises.
- D
The price of a complement falls.
- E
The market population decreases.
08
Choose one
1 point
Movie tickets and popcorn are complements. If the price of movie tickets rises while the price of popcorn stays unchanged, what happens in the market for popcorn?
- A
The demand curve for popcorn shifts right because popcorn becomes more valuable.
- B
The demand curve for popcorn shifts left because fewer movie tickets are purchased.
- C
The quantity demanded of popcorn increases through movement down its demand curve.
- D
The supply curve for popcorn shifts left because movie tickets are more expensive.
09
Written response
1 point
What is the two-word economics term for the specific amount consumers are willing and able to buy at one particular price?
10
Choose one
1 point
At a price of $10, quantity demanded is 80 units and quantity supplied is 40 units. What is the shortage?
- A
20 units
- B
30 units
- C
35 units
- D
40 units