Supply, Demand and EquilibriumOnline version Test your knowledge of supply, demand, and equilibrium in this educational game! by sarah ayyad 1 The demand curve slopes upward. Yes No 2 An increase in demand leads to lower prices. Yes No 3 A shortage occurs when the quantity demanded exceeds the quantity supplied. Yes No 4 The law of demand states that as the price of a good increases, the quantity demanded also increases. Yes No 5 The law of supply states that as the price of a good increases, the quantity supplied decreases. Yes No 6 Supply and demand determine the price of goods. Yes No 7 Equilibrium only occurs in perfectly competitive markets. Yes No 8 Equilibrium occurs when the quantity supplied equals the quantity demanded. Yes No 9 A decrease in supply leads to higher prices. Yes No 10 A decrease in supply leads to lower prices. Yes No 11 An increase in demand leads to higher prices. Yes No 12 The demand curve slopes downward. Yes No 13 The law of supply states that as the price of a good increases, the quantity supplied also increases. Yes No 14 A shortage occurs when the quantity supplied exceeds the quantity demanded. Yes No 15 The equilibrium price is also known as the market-clearing price. Yes No 16 Supply and demand have no impact on prices. Yes No 17 The law of demand states that as the price of a good increases, the quantity demanded decreases. Yes No 18 The equilibrium price is always the highest price in the market. Yes No
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