Supply and Demand Review

Froggy Jumps

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Test your knowledge on the fundamentals of supply and demand!

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Shelly Myers

United States

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Supply and Demand Review


Froggy Jumps Supply and Demand ReviewOnline version Test your knowledge on the fundamentals of supply and demand! by Shelly Myers 1 What does the law of demand state? a Price has no effect on quantity demanded. b As price increases, quantity demanded decreases. c As price decreases, quantity demanded increases. 2 What is a demand curve? a A graph showing the relationship between supply and demand. b A graph showing the relationship between price and quantity demanded. c A table of prices and quantities. 3 What happens to supply when production costs increase? a Supply increases. b Supply remains unchanged. c Supply decreases. 4 What is equilibrium price? a The lowest price suppliers will accept. b The highest price consumers are willing to pay. c The price at which quantity supplied equals quantity demanded. 5 What is a shift in demand? a A change in price only. b A change in demand at every price and quantity level. c A change in supply only. 6 What causes a rightward shift in the supply curve? a An increase in the number of suppliers. b A decrease in consumer demand. c A decrease in production costs. 7 What is a surplus? a When quantity supplied exceeds quantity demanded. b When supply and demand are equal. c When quantity demanded exceeds quantity supplied. 8 What does elasticity of demand measure? a The total quantity demanded at a given price. b The total revenue generated from sales. c How responsive quantity demanded is to a change in price. 9 What is the effect of a price ceiling? a It can lead to a shortage of goods. b It has no effect on the market. c It guarantees an increase in supply. 10 What is the relationship between supply and price? a Price has no effect on quantity supplied. b As price increases, quantity supplied increases. c As price decreases, quantity supplied increases. 11 What are the five determinants of demand? a Supply chain efficiency, advertising, global trends, seasonal changes. b Consumer preferences, income, prices of substitute goods, population, prices of complementary goods c Production costs, government policies, technology, market structure. 12 Which of the following is NOT a determinant of supply? a Production costs b Consumer income. c Technology 13 What is a price ceiling? a A maximum price set by the government. b The average market price. c A minimum price set by the government. 14 Which of the following is an example of elastic demand? a A luxury car when income rises significantly. b Gasoline, as it has few substitutes. c Bread, as it is a necessity. 15 What is a price floor? a A minimum price set by the government. b A maximum price set by the government. c The average price in the market. 16 How does time to adjust affect elasticity? a Time has no effect on elasticity. b More time allows consumers to find substitutes, increasing elasticity. c Less time increases elasticity. 17 What is a shortage in the market? a When quantity demanded exceeds quantity supplied. b When quantity supplied exceeds quantity demanded. c When prices are at equilibrium. 18 How does the percent of budget affect demand elasticity? a Lower percent of budget increases elasticity. b Higher percent of budget spent on a good increases elasticity. c Percent of budget has no effect on elasticity.

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Supply and Demand Review

Froggy Jumps

About this activity

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Download the paper version to play

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Supply and Demand ReviewOnline version

by Shelly Myers

What does the law of demand state?

What is a demand curve?

What happens to supply when production costs increase?

What is equilibrium price?

What is a shift in demand?

What causes a rightward shift in the supply curve?

What is a surplus?

What does elasticity of demand measure?

What is the effect of a price ceiling?

What is the relationship between supply and price?

What are the five determinants of demand?

Which of the following is NOT a determinant of supply?

What is a price ceiling?

Which of the following is an example of elastic demand?

What is a price floor?

How does time to adjust affect elasticity?

What is a shortage in the market?

How does the percent of budget affect demand elasticity?