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Supply and Demand Practice Questions with correct answers 100% 2026

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Supply and Demand Practice Questions with correct answers 100% 2026 A group of people buying and selling goods and services. This is the definition for: a. demand b. equilibrium c. market d. supply - Correct Answers c. market The desire to own a product and the ability/ willingness to pay for it is known as: a. supply b. elasticity c. demand d. market - Correct Answers c. demand With regard to demand, a change in price of a productive/service results in movement along the curve. True or False - Correct Answers true In the Law of Supply, an increase in price results in: a. decrease of quantity supplied b. increase of quantity supplied. - Correct Answers b. increase of quantity supplied The supply curve shows the relationship of quantity and price demanded. True or False - Correct Answers false; its actually the demand curve What occurs when quantity supplied is greater than quantity demanded at ruling price? a. excess demanded b. equilibrium price c. comparative static analysis d. excess supply - Correct Answers d. excess supply When consumer income rises what type of good decreases in demand? a. inferior b. normal - Correct Answers a. inferior

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Institution
Economics
Course
Economics

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Supply and Demand Practice
Questions with correct answers 100%
2026
A group of people buying and selling goods and services. This is the definition for:

a. demand

b. equilibrium

c. market

d. supply - Correct Answers c. market



The desire to own a product and the ability/ willingness to pay for it is known as:

a. supply

b. elasticity

c. demand

d. market - Correct Answers c. demand



With regard to demand, a change in price of a productive/service results in movement along the
curve.

True or False - Correct Answers true



In the Law of Supply, an increase in price results in:

a. decrease of quantity supplied

b. increase of quantity supplied. - Correct Answers b. increase of quantity supplied



The supply curve shows the relationship of quantity and price demanded.

True or False - Correct Answers false; its actually the demand curve

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Institution
Economics
Course
Economics

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