12/2/23, 11:45 AM supply and demand

NAME :
CLASS :
supply and demand
25 Questions DATE :

1. Which of the following would NOT be a determinant of demand?

d. the prices of the inputs used to b. income

A B
produce the good

C c. tastes D a. the price of related goods

2. If the price of a substitute to good X increases, then

the demand for good X will decrease. the demand for good X will not
A B
change.

the market price of good X will the demand for good X will increase.
C D
decrease.

3. Suppose you like banana cream pie made with vanilla pudding. Assuming all
other things are constant, you notice that the price of bananas is higher. How
would your demand for vanilla pudding be affected by this?

It would be unaffected. There is insufficient information

A B
given to answer the question.

C It would increase. D It would decrease.

4. A higher price for batteries would tend to

A increase the demand for flashlights. B increase the demand for batteries.

C decrease the demand for electricity. D increase the demand for electricity.

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12/2/23, 11:45 AM supply and demand

5. What will happen in the rice market if buyers are expecting higher prices in the
near future?

A The demand for rice will increase. B The supply of rice will increase.

The demand for rice will decrease. The demand for rice will be
C D
unaffected.

6. Holding all else constant, a higher price for ski lift tickets would be expected to

decrease the supply of ski resorts. decrease the demand for other
A B
winter recreational activities.

C decrease demand for skis. D increase the number of skiers.

7. When the price of a good or service changes,

demand shifts in the opposite supply shifts in the opposite

A B
direction. direction.

demand shifts in the same direction. there is a movement along a stable

C D
demand curve.

8. Other things equal, when the price of a good rises, the quantity supplied of the
good also rises. This is

A the law of increasing costs. B the law of demand.

C the law of supply. D the law of diminishing returns.

9. Suppose that there is an increase in input prices. We would expect

A supply to decrease. B supply could increase or decrease.

C supply to increase. D supply to remain unchanged.

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12/2/23, 11:45 AM supply and demand

10. If, at the current price, there is a shortage of a good,

A All of the answers are correct. B the market can be in equilibrium.

sellers are producing more than the price is below the equilibrium
C D
buyers wish to buy. price.

11. Refer to Graph 4-5. According to the graph, equilibrium

price and quantity are

A $7, 20. B $3, 60.

C $7, 60. D $5, 40.

12. Refer to Graph 4-5. According to the graph, at a price of

$7,

A the market would be in equilibrium. B there would be a surplus of 20 units.

there would be a surplus of 40 units. there would be a shortage of 40

C D
units.

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12/2/23, 11:45 AM supply and demand

13. Refer to Graph 4-5. According to the graph, at a price of

$3,

there would be a surplus of 20 units. there would be a shortage of 40

A B
units.

C there would be a surplus of 40 units. D the market would be in equilibrium.

14. Table 4-2

PRICE QUANTITY DEMANDED QUANTITY SUPPLIED
$10 10 100
8 20 80
6 30 60
4 40 40
2 50 20
Refer to Table 4-2. In the table shown, if the price were $8,

a surplus of 60 units would exist and a surplus of 30 units would exist and
A B
price would tend to fall. price would tend to fall.

a shortage of 30 units would exist a surplus of 60 units would exist and

C D
and price would tend to rise. price would tend to rise.

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12/2/23, 11:45 AM supply and demand

15. Table 4-2

PRICE QUANTITY DEMANDED QUANTITY SUPPLIED
$10 10 100
8 20 80
6 30 60
4 40 40
2 50 20
Refer to Table 4-2. In the table shown, if the price were $2,

a surplus of 60 units would exist and a surplus of 60 units would exist and
A B
price would tend to rise. price would tend to fall.

a surplus of 30 units would exist and a shortage of 30 units would exist

C D
price would tend to fall. and price would tend to rise.

16. Refer to the Graph 4-6. If price is $15, quantity supplied

would be

A 400 B 700

C 200 D 500

17. Refer to the Graph 4-6. At a price of $20

the market would be in equilibrium. there would be no pressure for price

A B
to change.

C 600 units would be bought and sold. D All of the answers are true.

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12/2/23, 11:45 AM supply and demand

18. Refer to the Graph 4-6. In this market, equilibrium price

and quantity would be

A $25, 500. B $25, 800.

C $20, 600. D $15, 400.

19. When the price is higher than the equilibrium price,

sellers desire to produce and sell quantity demanded equals quantity

A B
more than buyers wish to purchase. supplied.

buyers desire to purchase more than a shortage will exist.

C D
is produced.

20. When there is a shortage in a market,

A there is downward pressure on price. B the price must be above equilibrium.

the market could still be in there is upward pressure on price.

C D
equilibrium.

21. Suppose that a decrease in the price of X results in less of good Y sold. This would
mean that X and Y are

A complementary goods. B normal goods.

C unrelated goods. D substitute goods.

22. Which of the following is a determinant of demand?

A the price of a complement good B the price of a substitute good

C all of the answers are correct. D the price of the good next month

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12/2/23, 11:45 AM supply and demand

23. When we move up or down a given demand curve,

only price is held constant. income and the price of the good are
A B
held constant.

all determinants of quantity all non-price determinants of

C D
demanded are held constant. demand are assumed to be constant.

24. Holding the nonprice determinants of supply constant, a change in price would

A result in a change in supply. B result in a shift of demand.

have no effect on the quantity result in a movement along a stable

C D
supplied. supply curve.

25. Wheat is the main input in the production of flour. If the price of wheat increases,
all else equal, we would expect

A the supply of flour to be unaffected. B the demand for flour to decrease.

C the supply of flour to increase. D the supply of flour to decrease.

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