Economics - Supply & Demand

This quiz tests knowledge of supply and demand concepts through multiple-choice questions about market equilibrium and elasticity.

This multiple choice quiz has 6 questions. Each question includes an explanation so you learn as you go.

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Question 1

What happens to the equilibrium price and quantity of a good when there is an increase in demand, assuming supply remains constant?

Question 2

If the price of a substitute good increases, what is likely to happen to the demand for the original good?

Question 3

Which of the following scenarios best illustrates the concept of price elasticity of demand?

Question 4

In a competitive market, if the quantity supplied exceeds the quantity demanded at a given price, what is likely to occur?

Question 5

What is the effect of a binding price floor on the market for a good?

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