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Mastering Supply and Demand Basics Quiz

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Mastering Supply and Demand Basics: a General level Economics quiz. Test your knowledge with 15 questions!

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Questions

Question 1

What happens to price when demand exceeds supply?

A Price decreases

B Price increases

C Price becomes zero

D Price stays the same

Question 2

What is the primary factor determining market price in a free economy?

A Company size

B Supply and demand

C Government decree

D Product quality

Question 3

When supply is high and demand is low, what happens to prices?

A They skyrocket

B They remain stable

C They fall

D They disappear

Question 4

What term describes the point where supply equals demand?

A Equilibrium

B Market saturation

C Inflation

D Deflation

Question 5

If a product becomes very rare, what usually happens to its price?

A It goes down

B It goes up

C It is regulated

D It stays the same

📋 This quiz has 15 questions in total.