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Econardy: Supply & Demand Basics

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Econardy: Supply & Demand Basics

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Test your grasp of supply and demand

Created by

Madison Johnson
Madison Johnson
United States

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Econardy: Supply & Demand Basics
 

Econardy: Supply & Demand BasicsOnline version

Test your grasp of supply and demand

by Madison Johnson
1

What term describes the amount of product a company is willing to provide at various prices?

2

What is the law of supply?

3

If cookie production costs rise but price stays at $2, what will most likely happen to cookie supply?

4

True or False: Government mandates are often the cause of shortages.

5

What term describes rent control?

6

If the government forces a product to be sold above the market equilibrium price, what happens?

7

What does the market equilibrium point on a graph represent?

8

Describe the typical shape of the supply curve.

9

What is the difference between a price floor and a price ceiling?

10

Name three strategies to address a price ceiling problem.

 
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