Identifying Shortages and Surpluses in Microeconomics

Instructions:

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

question 1 of 3

Over the course of a summer, New Hampshire experiences a shortage of potatoes. How will the supply and demand graph for potatoes be affected in this state?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 75,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. How is a supply and demand graph affected by a supply surplus?

2. What is market equilibrium?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

This quiz and corresponding worksheet gauge your understanding of the affects shortages and surpluses have on an economic market. Topics you'll need to know to pass the quiz include supply, demand, market equilibrium and supply lines.

Quiz & Worksheet Woals

Review the following topics:

  • Shortages and surplus
  • Supply and demand
  • Supply graphs
  • Supply lines

Skills Practiced

Develop further understanding utilizing the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related economics lesson
  • Making connections - use understanding of the concept shortages and surpluses
  • Interpreting information - verify that you can read information regarding supply lines and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the directions shortages and surpluses move supply lines

Additional Information

Deepen your understanding about shortages and surpluses by reviewing the lesson on Identifying Shortages and Surpluses in Microeconomics. This lesson covers the following objectives:

  • Learn about market forces at equilibrium
  • Understand supply and demand shifts
  • Discuss supply and demand from the producer and consumer perspectives
  • Examine how innovation and advertising affects economic markets
Support