How Changes in Supply and Demand Affect Market Equilibrium

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What happens when the demand for and supply of a good increase simultaneously?

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1. An increase in household incomes across the nation leads to an increase for the demand for coffee. How would the demand/supply curve change?

2. What does a shift of the demand curve to the right indicate?

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About This Quiz & Worksheet

The quiz will mainly ask you to understand situations related to supply and demand. The questions will provide you with a particular situation. You will then need to answer questions about the situation.

Quiz & Worksheet Goals

You will be tested on the following concepts and definitions:

  • Supply curve
  • Demand curve
  • Household incomes
  • Supply and demand curve transformations

Skills Practiced

The quiz will help you practice these skills:

  • Critical thinking - apply relevant concepts to examine information about the market in a different light
  • Interpreting information - verify that you can read information regarding supply and demand and interpret it correctly
  • Information recall - access the knowledge you've gained regarding supply and demand
  • Knowledge application - use your knowledge to answer questions about supply and demand

Additional Learning

Complete the quiz and head to the lesson How Changes in Supply and Demand Affect Market Equilibrium. The partner lesson covers the following information:

  • Defining supply and demand
  • Exploring the supply and demand curves
  • Understanding what happens when the demand curve shifts
  • Learning what happens when the supply curve shifts
  • Describing what happens when both curves shift at the same time
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