Froggy Jumps Demand and Supply QuizOnline version Test your knowledge on the principles of demand and supply in this fun quiz game! by PUSHPALATHA A/P APPANAIDU (PSA) 1 What does the law of demand state? a Price has no effect on quantity demanded. b As price decreases, quantity demanded increases. c As price increases, quantity demanded increase. 2 What is a demand curve? a A graph showing production costs. b A chart of supply levels. c A graph showing the relationship between price and quantity demanded. 3 What happens to supply when production costs increase? a Supply remains unchanged. b Supply increases. c Supply decreases. 4 What is equilibrium price? a The price at which quantity demanded equals quantity supplied. b The lowest price producers will accept. c The highest price consumers are willing to pay. 5 What causes a shift in the demand curve? a Changes in consumer taste and preferences. b Changes in production technology. c Changes in government regulations. 6 What is a surplus? a When quantity demanded exceeds quantity supplied. b When supply equals demand. c When quantity supplied exceeds quantity demanded. 7 What does a rightward shift in the supply curve indicate? a An increase in supply. b An increase in price. c A decrease in demand. 8 What is the correct demand function? a QD: a-bP b QD: a+bP c QD: a/bP 9 Market equilibrium are achieved when : a QD=Qs b QD greater than QS c QD lesser than QS 10 What does a leftward shift in the demand curve represent? a An increase in supply. b An increase in quantity supplied. c A decrease in demand.
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