Price Elasticity: Understanding Supply and Demand

Instructions:

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

question 1 of 3

A demand chart or schedule is the _____

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1. What is the price at which demand and supply are equal?

2. One of the toy company's products is a baby item that simulates a car driving. It can be attached to a crib to help soothe babies to sleep. No other product like this is available. What type of demand would this product likely have?

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About This Quiz & Worksheet

This quiz and corresponding worksheet can help you assess your knowledge of supply and demand and properties of price. In order to pass the quiz, you will need to be able to define demand chart and familiarize yourself with characteristics of price elasticity.

Quiz & Worksheet Goals

This quiz and worksheet combo quickly gauges your understanding of:

  • Definition of demand chart
  • Price at which supply and demand are equal
  • Supply chart
  • A type of demand characterized by a unique product

Skills Practiced

  • Information recall - access the knowledge you have gained regarding the definition of demand and supply charts
  • Knowledge application - use your knowledge to answer questions about the price at which supply and demand are equal
  • Interpreting information - the type of demand that occurs when a one-of-a-kind product is involved

Additional Learning

To learn more about price elasticity, review the corresponding lesson titled Price Elasticity: Understanding Supply and Demand. This lesson covers the following objectives:

  • Define demand
  • Review supply and demand
  • Determine how supply and demand establish prices
  • Compare and contrast elastic demand and inelastic demand
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