Supply, Demand and EquilibriumVersión en línea Test your knowledge of supply, demand, and equilibrium in this educational game! por sarah ayyad 1 The law of supply states that as the price of a good increases, the quantity supplied decreases. Yes No 2 Supply and demand have no impact on prices. Yes No 3 A shortage occurs when the quantity supplied exceeds the quantity demanded. Yes No 4 The demand curve slopes downward. Yes No 5 The law of demand states that as the price of a good increases, the quantity demanded decreases. Yes No 6 The law of supply states that as the price of a good increases, the quantity supplied also increases. Yes No 7 A decrease in supply leads to higher prices. Yes No 8 The equilibrium price is also known as the market-clearing price. Yes No 9 An increase in demand leads to lower prices. Yes No 10 A shortage occurs when the quantity demanded exceeds the quantity supplied. Yes No 11 An increase in demand leads to higher prices. Yes No 12 The law of demand states that as the price of a good increases, the quantity demanded also increases. Yes No 13 A decrease in supply leads to lower prices. Yes No 14 Equilibrium occurs when the quantity supplied equals the quantity demanded. Yes No 15 Supply and demand determine the price of goods. Yes No 16 The equilibrium price is always the highest price in the market. Yes No 17 Equilibrium only occurs in perfectly competitive markets. Yes No 18 The demand curve slopes upward. Yes No
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