Supply and Demand

Supply and Demand

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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28 questions

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1.

FLASHCARD QUESTION

Front

The slope is down from left to right. What does this curve represent?

Media Image

Back

demand

2.

FLASHCARD QUESTION

Front

The Law of Supply states that?

Back

more product will be offered for sale at higher prices than lower prices

3.

FLASHCARD QUESTION

Front

Which stage of the production function increases the marginal product with each additional worker? Options: Stage I, Stage II, Stage III, Stage IV

Back

Stage I

4.

FLASHCARD QUESTION

Front

If the price of a good or service increases, what will happen to the demand for it?

Back

decrease

5.

FLASHCARD QUESTION

Front

What is it called when there is not enough of a good to meet the demand?

Back

shortage

6.

FLASHCARD QUESTION

Front

The law of demand states that if the price of CD’s rise, consumers will?

Media Image

Back

Buy fewer CDs

7.

FLASHCARD QUESTION

Front

Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges?

Media Image

Back

The price will go up.

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