Chapter 6 & 7 Review

Chapter 6 & 7 Review

Assessment

Flashcard

Other

11th - 12th Grade

Practice Problem

Hard

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35 questions

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1.

FLASHCARD QUESTION

Front

The situation in which the quantity supplied of a good at a particular price is equal to the quantity demanded at that price is called

Back

market equilibrium

2.

FLASHCARD QUESTION

Front

The two curves of a market demand and supply graph intersect at

Back

one point

3.

FLASHCARD QUESTION

Front

The result of quantity supplied being greater than quantity demanded is called

Back

surplus

4.

FLASHCARD QUESTION

Front

The result of the quantity demanded being greater than the quantity supplied is called

Back

shortage

5.

FLASHCARD QUESTION

Front

A decrease in demand causes equilibrium prices to

Back

fall

6.

FLASHCARD QUESTION

Front

The twin desires of making the highest profit and luring customers away from rival producers often results in

Back

competitive pricing

7.

FLASHCARD QUESTION

Front

The price system is

Back

flexible

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