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Supply and Demand Basics Quiz

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Supply and Demand Basics: a General level Economics quiz. Test your knowledge with 13 questions!

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Questions

Question 1

What happens when supply exceeds demand?

A Inflation

B Shortage

C Surplus

D Equilibrium

Question 2

What is the law of supply?

A Price up, supply down

B Price has no effect

C Price down, supply up

D Price up, supply up

Question 3

When supply and demand are equal, it is called what?

A A shortage

B Equilibrium

C A surplus

D Chaos

Question 4

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

A It becomes free

B It rises

C It stays the same

D It falls

Question 5

What does 'demand' represent in economics?

A Government law

B Factory production

C Consumer desire

D Store rent

📋 This quiz has 13 questions in total.