Chapter 8 - Supply & Demand

Chapter 8 - Supply & Demand

9th - 12th Grade

10 Qs

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Chapter 8 - Supply & Demand

Chapter 8 - Supply & Demand

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Medium

Used 18+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When producers choose to produce higher quantities at higher prices, the relationship between price and quantity is....

inverse
coincidental
infinite
direct or positive

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following would cause an increase in supply?

an increase in the price of the product
an increase in the cost of production
a change in consumers income
an improvement in technology

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What will happen when downward pressure is applied to a price of a product.

Less of a shortage
Less of a surplus
Both of these
None of these

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Two important changes take place when there is an increase in demand. What are they?

Prices rise and quantity exchange rises
Prices rise and quantity exchange stays the same
Prices rise and quantity exchange goes down
Prices decline and quantity exchanges rises.

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If demand stays the same and supply decreases, we can expect what two things to happen.

Price go down and quantity exchanged stays the same
Prices go down and quantity exchanged goes down
Prices go up and quantity exchanged is more
Prices go up and quantity exchanged is less

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

? is the quantity that is both demanded and supplied at the equilibrium price.

Market prices
Equilibrium price
Equilibrium quantity
None of the above

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An effective price floor must be set above equilibrium, resulting in:

a shortage
a surplus
limited choices
None of the above

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