1. Microeconomic Foundations
Supply And Demand — Quiz
Test your understanding of supply and demand with 5 practice questions.
Practice Questions
Question 1
When the quantity demanded is greater than the quantity supplied at a given price, what market condition exists?
Question 2
Which of the following scenarios would lead to a movement along the supply curve?
Question 3
If the price of a complementary good increases, what is the likely impact on the demand for the original good?
Question 4
Consider a market where the equilibrium price is $10 and the equilibrium quantity is 100 units. If a new government regulation increases production costs for suppliers, what is the most likely immediate effect on the market?
Question 5
What is the primary role of the price mechanism in a competitive market?