Quiz: Drawing and Interpreting Demand and Supply Diagrams
WJEC Eduqas GCE A LEVEL in BUSINESS specification
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Building on what you've learned about markets and market structures, let's test your understanding of drawing and interpreting demand and supply diagrams!
What does the demand curve represent?
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Which of the following can cause a shift in the demand curve? (Select all that apply)
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The supply curve usually slopes {{blank0}}, indicating that as price increases, the quantity supplied {{blank1}}.
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Match the items on the left with their correct pairs on the right
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If the market price is £5 and consumers demand 50 units, but producers are willing to supply 70 units, what is the excess supply?
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What happens to equilibrium price if supply decreases but demand remains constant?
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Match the items on the left with their correct pairs on the right
Which factor is NOT likely to affect supply?
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A movement along the demand curve occurs when the {{blank0}} changes, while a shift in the curve occurs due to changes in {{blank1}}.
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Which statements about equilibrium are correct? (Select all that apply)
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