In economics, what is the term for a product’s quantity supplied changing after its own price changes?
Answer
Movement along the supply curve
80 Supply And Demand Trivia Questions with Answers
80 public questions with answers, drawn from the well. How many can you answer?
In a standard supply-and-demand model, what does a rightward shift of the demand curve represent?
Answer
An increase in demand
Which economist published the 1838 book Recherches sur les principes mathématiques de la théorie des richesses?
Answer
Antoine Augustin Cournot
In the 2020 oil market, what happened to the May West Texas Intermediate futures price on April 20?
Answer
It fell below zero
According to the tax-incidence rule in economics, which side of a market bears more of a tax?
Answer
The less elastic side
In Alfred Marshall’s 1890 book Principles of Economics, what diagram became the standard visual model of a market?
Answer
Supply-and-demand diagram
In a standard supply-and-demand graph, what term describes a supply curve that is vertical at every price?
Answer
Perfectly inelastic supply
In economics, what type of demand changes by the same percentage as a product’s price?
Answer
Unitary elastic demand
What type of price ceiling is set below the market equilibrium price?
Answer
Binding price ceiling
What is the extra satisfaction from consuming one additional unit of a good called?
Answer
Marginal utility
What 1973 event caused major oil price increases after OPEC members restricted oil exports?
Answer
1973 oil crisis
In economics, what is the loss of total surplus caused by a market inefficiency called?
Answer
Deadweight loss
What economic measure shows how strongly quantity demanded responds to a change in price?
Answer
Price elasticity of demand
In a competitive market, what is the price where quantity supplied equals quantity demanded?
Answer
Equilibrium price
In economics, what law says that quantity demanded usually falls when price rises?
Answer
Law of demand