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Supply and Demand Quiz

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1. What does the law of demand state?

2. A movement along the demand curve will be caused by which of the following?

3. What does the law of supply state?

4. Which of the following would cause a shift in the supply curve?

5. What happens to the equilibrium price when there's an increase in both supply and demand?

6. What is represented by the point at which the supply and demand curves intersect?

7. A leftward shift of the supply curve will result in what?

8. In the event of a decrease in demand and an increase in supply, what will be the impact on the equilibrium price?

9. What happens when the price is set below the equilibrium price?

10. How does an increase in the price of a substitute good affect the demand for a product?