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Supply And Demand Practice Problems Worksheet With Answers - Instructor Miller - Des Moines Area Community College

Economics

Instructor Miller

Supply and Demand Practice Problems

1. A demand curve shows the relationship between

A) the price of a product and the quantity of the product demanded.

B) the amount of a product sellers are willing to sell at a particular price and the amount

consumers are willing to buy at that price.

C) the quantity that consumers are willing and able to buy and the quantity that sellers are

willing and able to offer.

D) the price of a produce and the demand for the product.

2. The law of demand implies, holding everything else constant, that as the price of yogurt

A) increases, the demand for yogurt will increase.

B) increases, the quantity of yogurt demanded will decrease.

C) decreases, the quantity of yogurt demanded will decrease.

D) decreases, the demand for yogurt will increase

3. An ________ is represented by a rightward shift of the demand curve while an ________ is

represented by a movement along a given demand curve.

A) increase in demand; decrease in demand

B) increase in demand; increase in quantity demanded

C) decrease in demand; decrease in quantity demanded

D) increase in quantity demanded; increase in demand

4. A change in which variable will change the market demand for a product?

A) the price of the product

B) expected future prices

C) the number of firms in the market

D) the quantity supplied of the product

5. If a decrease in income leads to an increase in the demand for macaroni, then macaroni is

A) an inferior good.

B) a neutral good.

C) a necessity.

D) a normal good.

Supply And Demand Practice Problems Worksheet With Answers - Instructor Miller - Des Moines Area Community College