

Supply and Demand Questions
Presentation
•
Social Studies
•
11th Grade
•
Practice Problem
•
Medium
Levi Haliday
Used 3+ times
FREE Resource
0 Slides • 17 Questions
1
Draw
Draw the Law of Demand
Label Price ($) and Demand (D)
2
Multiple Choice
Equilibrium price is the price at which the quantity of a product demanded by consumers and the quantity supplied by producers
are different
are equal
is higher for the product demanded
is higher for the product supplied
3
Multiple Choice
On a market demand and supply graph, the vertical axis shows
demand
equilibrium
prices
quantity
4
Multiple Choice
On a market demand and supply graph, the horizontal axis shows
demand
equilibrium
prices
quantity
5
Multiple Choice
On a market demand and supply graph, the point of market equilibrium always happens
at the highest point on the demand curve
at the point where the demand and supply curves intersect
at the lowest point of the supply curve
at the center point of the graph, irrespective of the curves
6
Multiple Choice
When there is a shortage, producers raise prices in an attempt to
separate the quantity supplied and demanded
raise the quantity demanded
equalize the quantity supplied and demanded
lower the quantity supplied
7
Multiple Choice
Suppliers often reduce prices because they
have a shortage of products to sell
have a surplus of products to sell
want to decrease consumer demand
want to increase the product supply
8
Multiple Choice
A state of disequilibrium happens when an imbalance exists between
(What is quantity vs quality?)
quality supplied and quality demanded
quality supplied and quantity demanded
quantity supplied and quality demanded
quantity supplied and quantity demanded
9
Multiple Choice
Supply can be changed by
equilibrium
income
input costs
substitutes
10
Multiple Choice
In the price system of a market economy, prices are determined by
(What are key words to look for?)
central planning
market forces
political forces
private investors
11
Multiple Choice
Higher prices generally
(Think about the Law of Supply)
discourage consumers from seeking a substitute
discourage producers from entering a market
motivate consumers to buy
motivate producers to enter a market
12
Multiple Choice
Lower prices generally
(Think about the Law of Demand)
discourage consumers from buying
discourage producers from leaving a market
motivate consumers to buy
motivate producers to enter a market
13
Multiple Choice
The maximum amount that sellers may charge for a good or service is called a
maximum wage
minimum wage
price ceiling
price floor
14
Open Ended
What is an example of a price ceiling?
15
Open Ended
What is an example of a price floor?
16
Open Ended
Graph 1 shows a shift in demand. How did this shift affect the equilibrium price and what factors could have caused this shift?
17
Open Ended
Graph 2 shows a shift in supply. How did this shift affect the equilibrium price and what factors could have caused this shift?
Think About
labor
technology
Draw the Law of Demand
Label Price ($) and Demand (D)
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