Supply and Demand Quiz

brendacrystal07
Quiz by brendacrystal07, updated more than 1 year ago
brendacrystal07
Created by brendacrystal07 about 7 years ago
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Description

Quiz on Supply and Demand Quiz, created by brendacrystal07 on 10/23/2014.

Resource summary

Question 1

Question
In a supply and demand graph, when the demand line shifts to the right, the demand increases.
Answer
  • True
  • False

Question 2

Question
Taxes and subsidies are variables that can affect the supply shift factor.
Answer
  • True
  • False

Question 3

Question
When the price on an item increases, the supply provided by the sellers decreases.
Answer
  • True
  • False

Question 4

Question
When talking about the elasticity of demand, the price of an item is not important.
Answer
  • True
  • False

Question 5

Question
A market takes place when more than one buyer and seller are present.
Answer
  • True
  • False

Question 6

Question
In an inelastic graph, there is a huge change in demand when the price shifts.
Answer
  • True
  • False

Question 7

Question
The graph of elastic supply is less horizontal compared to the inelastic graph
Answer
  • True
  • False

Question 8

Question
The production of Jolly Ranchers is an example of inelastic supply
Answer
  • True
  • False

Question 9

Question
When a supply curve shifts to the left, that symbolizes an increase in supply.
Answer
  • True
  • False

Question 10

Question
The point where the supply curve meets the demand curve shows a shortage.
Answer
  • True
  • False
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