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Economics 101 Practice Test: The Market Forces of Supply and Demand
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The market forces of supply and demand are the interactions between consumers and producers that determine the price of a good or service. The law of supply and demand describes how changes in price affect supply and demand. The law predicts that: - If supply outstrips demand, prices will fall - If demand exceeds supply, prices will rise  The equilibrium price is the price at which supply exactly matches demand. The intersection of supply and demand curves on a graph marks the equilibrium price.  The law of supply and demand can help businesses determine how to set prices and fulfill... Show more
Economics 101 Practice Test: The Market Forces of Supply and Demand
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25 Questions

1. Suppose that the incomes of buyers in a particular market for a normal good declines and there is also a reduction in input prices. What would we expect to occur in this market?
2. A technological advancement will shift the
3. What will happen in the rice market if buyers are expecting higher prices in the near future?
4. The movement from point A to point B on the graph would be caused by
5. The willingness and ability to produce and sell a good or service is called
6. An improvement in the state of technology in production will result in
7. Emily tells you that the price of CDs at the music store will be going down next week. You will probably respond by
8. On the graph, the movement from S to S1 is called
9. In a free market system, what coordinates the actions of millions of people with their varying abilities and desires?
10. If the demand curve shifts from D1 to D on the graph, this means that
11. A market is a
12. If a market is currently experiencing a shortage at the current price, then
13. If the price of a substitute to good X increases, then the
14. If goods X and Y are complements, an increase in the price of X will result in
15. If Diane receives an increase in her pay, we would expect Diane’s demand for
16. A competitive market is one in which
17. Suppose that demand decreases AND supply decreases. What would you expect to occur in the market for the good?
18. At the equilibrium price
19. Suppose there is an increase in input prices. We would expect supply
20. Which of the following would NOT shift the demand curve for a good or service?
21. Bauxite is an important input in the production of aluminum. If the price of bauxite decreases, all else equal, we would expect the supply of
22. Suppose oranges are currently selling for $2.00 per pound. The equilibrium price of oranges is $1.56 per pound. We would expect a
23. When the price is higher than the equilibrium price,
24. A demand curve is the
25. Suppose that the incomes of buyers in a particular market for a normal good declines and there is also a reduction in input prices. What would we expect to occur in this market?

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