Supply & Demand – Practice!
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- Question 1 of 12
1. Question
Which of the price and quantity combinations in the accompanying graph represents the market of Nike Air Forces at competitive equilibrium?
CorrectIncorrect - Question 2 of 12
2. Question
Which of the following events always results in a lower equilibrium quantity in the market for a good (ex: ramen noodles)?
CorrectIncorrect - Question 3 of 12
3. Question
The following graph displays the competitive market for burritos. At a price of $5, which of the following statements is accurate?
CorrectIncorrect - Question 4 of 12
4. Question
If the price of burritos is at $17, then there would be a…
CorrectIncorrect - Question 5 of 12
5. Question
Suppose the price of good X decreases. In terms of demand, what happens?
CorrectIncorrect - Question 6 of 12
6. Question
Based on the table, if the market for iced lattes is currently at a price of $11 there will be pressure for the market price to ____ in order to reach market equilibrium.
Price Quantity Demanded Quantity Supplied $15 10 60 $11 20 35 $9 40 40 $7 50 20 $5 60 10 CorrectIncorrect - Question 7 of 12
7. Question
Based on the table for our iced coffee market, the market equilibrium quantity and price are…
Price Quantity Demanded Quantity Supplied $15 10 60 $11 20 35 $9 40 40 $7 50 20 $5 60 10 CorrectIncorrect - Question 8 of 12
8. Question
The quantity demanded of a good is the amount that buyers are…
CorrectIncorrect - Question 9 of 12
9. Question
Using the provided information, what is the price at equilibrium in this market?
Qs = 10 + 10P
Qd = 30 – 10PCorrectIncorrect - Question 10 of 12
10. Question
Using the provided information, what is the quantity at equilibrium in this market?
Qs = 10 + 10P
Qd = 30 – 10PCorrectIncorrect - Question 11 of 12
11. Question
If the market price is currently at $3, would there be a surplus or shortage, and of how much?
Qs = 10 + 10P
Qd = 30 – 10PCorrectIncorrect - Question 12 of 12
12. Question
Which characteristic fits a competitive market?
CorrectIncorrect