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Supply, Demand and Equilibrium

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Supply, Demand and Equilibrium

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About this activity

Test your knowledge of supply, demand, and equilibrium in this educational game!

Created by

sarah ayyad
sarah ayyad
United Arab Emirates

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Supply, Demand and Equilibrium
 

Supply, Demand and EquilibriumOnline version

Test your knowledge of supply, demand, and equilibrium in this educational game!

by sarah ayyad
1

The equilibrium price is also known as the market-clearing price.

2

A shortage occurs when the quantity supplied exceeds the quantity demanded.

3

The law of demand states that as the price of a good increases, the quantity demanded also increases.

4

The law of demand states that as the price of a good increases, the quantity demanded decreases.

5

An increase in demand leads to lower prices.

6

The law of supply states that as the price of a good increases, the quantity supplied decreases.

7

The equilibrium price is always the highest price in the market.

8

Supply and demand have no impact on prices.

9

Equilibrium only occurs in perfectly competitive markets.

10

A shortage occurs when the quantity demanded exceeds the quantity supplied.

11

The demand curve slopes downward.

12

A decrease in supply leads to higher prices.

13

The law of supply states that as the price of a good increases, the quantity supplied also increases.

14

Equilibrium occurs when the quantity supplied equals the quantity demanded.

15

An increase in demand leads to higher prices.

16

The demand curve slopes upward.

17

A decrease in supply leads to lower prices.

18

Supply and demand determine the price of goods.

 
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