Demand & Supply

10 Questions | Total Attempts: 13278

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Supply And Demand Quizzes & Trivia

This quiz covers the basics of demand & supply. All questions come from your Introduction to Demand, Introduction to Supply, and Determining Price Notes. You will have 1 minute to answer each question.


Questions and Answers
  • 1. 
    • A. 

      Desire

    • B. 

      Surplus

    • C. 

      Ability

    • D. 

      Willingness

  • 2. 
    The law of demand states that there is what type of relationship between price and quantity demanded?
  • 3. 
    The demand curve slopes in which direction?
    • A. 

      Down

    • B. 

      Up

  • 4. 
    When each additional unit of a product gives you less utility it is know as what?
    • A. 

      Marginal analysis

    • B. 

      Downward demand

    • C. 

      Diminishing marginal utility

    • D. 

      Decreasing desire

  • 5. 
    The law of supply states there is what type of relationship between price and quantity supplied?
  • 6. 
    The supply curve always slopes in what direction?
    • A. 

      Down

    • B. 

      Up

  • 7. 
    The ideal price level is known as what?
  • 8. 
    • A. 

      Too high.

    • B. 

      Too low.

  • 9. 
    • A. 

      Increase supply

    • B. 

      Decrease price

    • C. 

      Decrease price

    • D. 

      Increase demand

  • 10. 
    When graphing supply and demand, price is always on which axis?
    • A. 

      Horizontal

    • B. 

      Vertical