# Understand the Supply and Demand

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.

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A fashionable store downtown has 20 purses for sale for \$200 each. When the store opened this morning, 50 people were in line to buy one. Each person in line wants to buy only one purse. What was the quantity of purses demanded at \$200?

50

20

There are 90 people in line to get a famous tennis player's autograph. But she only has time to sign 60. Each person in line is allowed to get only one autograph. What is the quantity of autographs supplied?

90

60

Weather forecasters expect a hot, dry summer in the parts of Africa where bananas grow. Bananas do not grow well in hot and dry weather. What will probably happen to the overall supply of bananas?

Supply will probably go up.

Supply will probably go down.

Last year, there were eleven kid’s clothing stores on Main Street in Centerville. This year, there are only six. What probably happened to the overall supply of kid’s shirts in Centerville?

Supply will probably went up.

Supply will probably went down.

A furniture store has 45 bunk beds for sale. The beds cost \$300 each. At that price, 25 people want to buy one.

Is there a surplus or a shortage of bunk beds?

Surplus

Shortage

A store has 44 new hats for sale. The hat costs \$20 each. At that price, 60 people want to buy one.

Is there a surplus or shortage of hats?

Surplus

Shortage

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?

\$2

\$4

\$5

\$6

Look at the graph. Then answer the question below.

The graph shows supply and demand curves for milk in Manchester. 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 milk?

\$4

\$5

\$3

\$2

Look at the table shown below.

Now, tell at \$750 price, is there a surplus or shortage?

Surplus

Shortage

Look at the table given below.

Now tell at a price of \$170, is there a surplus or shortage?

Surplus

Shortage

Quiz/Test Summary
Title: Understand the Supply and Demand
Questions: 10
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