Home > Microeconomics > Today’s Quiz: Supply and Demand

Today’s Quiz: Supply and Demand

  1. Buyers and sellers who have no influence on market price are referred to as _________ _________.
  2. Quantity demanded falls as the price rises and rises as the price falls, so we say that quantity demanded is _______________ related to the price.
  3. If a good is normal, then an increase in income will result in an _______________ in the demand for the good.
  4. Two goods are substitutes if a decrease in the price of one good _____________ the demand for the other good.
  5. Two goods are complements if a decrease in the price of one good _____________ the demand for the other good.
  6. If a decrease in income increases the demand for a good, then the good is an _______ good.
  7. In the rice market, if buyers are expecting ______________ rice prices in the near future, the demand for rice will increase.
  8. The point at which the supply and demand curves intersect is called _____________.

a9.  At a price of $_____, there would be a surplus of 400 units.

10. At a price of $15, there would be a shortage of ____ units.

11. At a price of $20 would there be an excess ________ amounting to 200 units of the good.

12. At a price of $27.50, there is a _________ of 100 units of the good, and the law of supply and demand predicts that the price will change from $27.50 to a _______ price.

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Categories: Microeconomics
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