In this quiz, you will get to know about the quantity supplied and the quantity demanded. You will understand the basics of the supply-demand curve. You will learn about identifying the shortage and surplus with various data.
A video game company made 10,000 copies of its largest game to sell. They decided to sell copies of the game for $50 each. But the game was so much fun to play that 25,000 people each wanted to buy a copy. What was the quantitof the video game demanded at $50?
A T-shirt company printed 100 shirts with its latest design. By the end of the week, they had sold 80 0f them for $15 each. What was the quantity of T-shirts demanded at $15?
In 1940, scientists invented a new form of synthetic or artificial rubber. It was cheaper to work with than natural rubber. What happened to the overall supply of rubber tires after 1940?
the supply went up
the supply went down
A year ago, there were 12 companies that made motorized scooters. But over the past month, 5 of those companies went out of business. What probably happened to the overall supply of motorized scooters?
the supply probably went up.
the supply probably went down.
A store has 20 washing machines for sale. The machines cost $600 each. At that price, 30 people want to buy one. Is there a surplus or a shortage of washing machines?
A car dealership has 20 brand-new cars. Each car costs $28,000. At that price, there are 40 people who want to buy one. Is there a surplus or a shortage of new cars?
Look at the graph. Then answer the question below.
The graph shows supply and demand curves for lemonade in Lancaster. The point where the supply curve and the demand curve meet is called the equilibrium point. The price at that point is called the equilibrium price.
In the graph above, what is the equilibrium price for lemonade?
Look at the table given below.
Now tell at a price of $350, is there a surplus or shortage?
Look at the table shown below.
Now, tell at $450 price, is there a surplus or shortage?